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2020 (2) TMI 1644 - NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- The balance sheet of the Corporate Debtor wherein the Corporate Debtor admitted its liability toward Bankers and to the financial institutions who assigned the debt to the Financial Creditor, which was signed before the expiry of 3 years from the date of default ie. on 29th May 2017 is an acknowledgment of the debt found due and payable by the Corporate Debtor and held that the claim is not barred by limitation. The Financial Creditor having succeeded in proving that the application filed under section 7 of the Code is not barred by law of limitation as attempted to be proved on the side of the Financial Creditor, and being satisfied that this application is complete, by satisfying all requirements under section 7(5) of the Code, that the default as alleged has occurred and that the insolvency professional proposed by the Financial Creditor has certified in his Form 2 that no disciplinary proceedings are pending against him, this application is liable to be admitted. Application admitted - moratorium declared.
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