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2020 (9) TMI 15 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and default - Time Limitation - HELD THAT:- As per the record, the date of default date of (declaration) of NPA, i.e. 30.11.2013. Hence, the limitation in the present matter would start from as per the Article 137 of the Limitation Act from the date of default, i.e. the date of declaring NPA viz. 30.11.2013, while the present I.B. Petition was filed on 15.12.2017 before this court. Hence, it is filed beyond the limitation. The Hon'ble Supreme Court further in the matter of Vashdeo R. Bhojwani Vs. Abhyudaya Co-operative Bank Ltd. & Ors. [2019 (9) TMI 711 - SUPREME COURT] has pleased to hold that the limitation/cause of action starts from the date of default by declaring NPA and not from the date of issue of a recovery certificate if issued by the DRT and in such case, only Article 137 would apply. Thus, the Hon'ble Supreme Court pleased to dismiss the I.B. Petition being time barred. This Adjudicating Authority need not to examine merits or to go into the controversy in the present I.B. Petition -The matter can be simply disposed of on the ground of the limitation. As the present I.B. Petition is found to be filed beyond Limitation i.e., three years from the date of default, i.e. date of declaration of NPA and date of recalling of notice, i.e. 14.02.2014. Hence, it is held that it is hit by limitation and cannot be entertained - Petition dismissed.
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