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2022 (3) TMI 1570 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - time limitation - HELD THAT:- When the last payment was made on 31st July, 2018, the Application filed on 28th August, 2020 was well within three years from the last payment. The submission of the Appellant that Application was barred by time cannot be accepted. The payment details regarding the payment was already the part of the Application which has been brought on record along with the Application and from such details regarding the payment when the Adjudicating Authority has noticed the submissions that last payment was made on 31st July, 2018, the Application cannot be said to be barred by time. The default and debt were proved, on that basis the Application was admitted. In the present case, Part-IV of the Section 7 Application of the IBC, ‘Date of Default’ is dated 25th August, 2017 there is no dispute regarding that but along with the Application the relevant documents including ledger account of the payment were also brought on record where the last payment made by the Corporate Debtor has been mentioned on 31.07.2018 and the same has been noticed by the Adjudicating Authority. In view of the last payment made on 31.07.2018 as noted above, the Application was well within time and the Financial Creditor entitled for taking benefit of 3 years period of limitation from the date of last payment. The Judgment relied on by the Learned Counsel for the Appellant in Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Pvt. Ltd. & Anr. [2020 (8) TMI 345 - SUPREME COURT] does not come to any aid to the Appellant in the present case, as in that case, Hon’ble Apex Court has held that the date of default has to be ascertained on the basis of pleadings in Section 7 Application of the IBC. There are no merit in the appeal - appeal dismissed.
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