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2020 (3) TMI 1129 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - financial debt is barred by time limitation or not - HELD THAT:- This Bench is of the view that the objections raised by the corporate debtor as regards to the authority for filing the petition under section 7 of the IBC and the financial debt being barred by limitation are not tenable. The financial creditor has placed on record the letter of authority issued in favour of Sh. P. Y. Jakkareddy, DGM, Corporation Bank and also the letters dated March 31, 2015 and February 13, 2018 clearly showing acknowledgment of debt by the corporate debtor within the limitation period, even if the date of default is considered as November 29, 2014 as pointed out by the corporate debtor. The financial creditor has established a default on the part of the corporate debtor in payment of their financial debt and succeeded in establishing a case for triggering the corporate insolvency resolution (CIR) process - The present petition being complete and having established the default in payment of the financial debt for the default amount being above ₹ 1,00,000, the petition is admitted in terms of section 7(5) of the IBC and accordingly, moratorium is declared in terms of section 14 of the Code.
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