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2019 (10) TMI 209 - AT - Insolvency and BankruptcyAdmissibility of application - initiation of CIRP - Corporate Debtor - default in repayment - time limitation - HELD THAT:- Admittedly, ‘I&B Code’ has come into force since 1st December, 2016, therefore, the right to apply accrued to 1st Respondent on 1st December, 2016. Therefore, we hold that the application under Section 7 was not barred by limitation. Whether the claim of the Appellant is barred by the limitation? - If it is barred by limitation then the ‘Corporate Debtor’ has right to take plea that the ‘debt’ is not payable? - HELD THAT:- The immovable property of the ‘Corporate Debtor’ was mortgaged in favour of the ‘Financial Creditor’ by ‘Deed of Mortgage’ and a further charge was made on 27th November, 2009 by the ‘Corporate Debtor’ in favour of ‘IDFC Ltd.’. Thereafter by ‘assignment agreement’ debt payable by ‘Corporate Debtor’ to IDFC was assigned on 11th September, 2014. The ‘Financial Creditor’ has right to get immovable property mortgaged and thereafter may transfer the mortgage assets for a valuable consideration for which 12 years of limitation has been prescribed for filing a suit relating to immovable property under Article 61 of Part V of the First Division of the Schedule of Limitation Act. Therefore, we hold that the claim of the 1st Respondent is not barred by limitation. Appeal dismissed.
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