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2020 (9) TMI 894 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP- Corporate Debtor failed to make repayment of dues - recovery of alleged outstanding dues - appropriate forum or not - time limitation - HELD THAT:- It is settled position of law, that the provisions of the Code cannot be invoked for recovery of alleged outstanding amount, that too, after long lapse of time, without explaining the delay caused. The Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited vs. Kirusa Software Private limited [2017 (9) TMI 1270 - SUPREME COURT ], has inter-alia, held that IBC, 2016 is not intended to be substitute to a recovery forum - It is not in dispute that the Petitioner has received part payment and the instant Petition is filed to recover the balance amount which is against the object of the Code and the Law. The instant Company Petition is filed with an intention to recover the alleged outstanding due, which is not permissible under law - Moreover, the Petitioner has not explained the reasons for delay for issuing the Demand Notice belatedly i.e. 24.10.2019, and filing this instant Application only on 10th February 2020, even though the Demand Notice specifically mentioned that the Respondent has to pay the outstanding due or to raise the dispute, within a period of 10 days from the date of receipt copy of Demand Notice. It is not in dispute that law of limitations is applicable to the provisions of the Code - Therefore the instant Petition is not maintainable either on facts and or law and thus it is liable to be dismissed. Petition dismissed.
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