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2020 (4) TMI 153 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - Time limitation - HELD THAT:- In the present matter, the Petitioner Bank in its written submission has made effort to impress upon us that even . the date of default is 30-6-2012, but since the memorandum of deposit of title deeds were executed on 30-10-2010 and further extension of equitable mortgage date is 15-10-2011 then as per the counsel, the limitation period would be twelve (12) years as per article 62 of the Limitation Act and would be applicable from the date of default, i.e. 30-6-2012. Hence, the present petition is filed well within the limitation. The date of default in the present matter is 30-6-2012 being the date of NPA the limitation would commence from such date and as per the Article 137 of the Limitation Act which prescribe only three (3) years of time while the present LB. Petition was filed on 15-9-2017 before this Bench. Hence, it is clearly time-barred by the limitation. The present Petition is liable to be rejected based on time-barred claimed/debts.
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