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2019 (10) TMI 1531 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - Time limitation - HELD THAT:- On perusal of the judgement in the case of B.K. EDUCATIONAL SERVICES PRIVATE LIMITED VERSUS PARAG GUPTA AND ASSOCIATES [2018 (10) TMI 777 - SUPREME COURT], it is clear that limitation period triggers from the date of default and period of limitation for filing Applications under I&B Code is three years. Therefore, in absence of any substantial evidence to prove to the contrary, present Application filed on 26.11.2018 is clearly barred by limitation as the dates of default as mentioned in the Application are 28.02.2014, 09.04.2014, 18.07.2014, 23.12.2014, 02.02.2015 and 09.04.2015 and period of three years has been elapsed from the said dates of default. Therefore, the Application is barred by limitation and debt of Applicant is time barred. This Application filed under Section 9 of I&B Code, 2016, by Sarda Agro Oils Limited, Operational Creditor/Applicant against Sakuma Exports Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process is rejected.
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