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2020 (10) TMI 165 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - time limitation - HELD THAT:- It is not in dispute that Corporate Debtor has written a number of letters wherein a request has been made to restructure the loan. In the letter dated 5th March 2018, a reference of letter dated 11th January 2016 on the same subject has been given. We have also perused the contents of this letter wherein the Corporate Debtor has acknowledged the fact of loan taken, non-payment of the same and request for restructuring of the debt. Thus, from the date of NPA or even considering 90 days period prior to that date, the first letter is well within three years period of expiry of limitation. Thereafter, all letters have been written within a period of three years from the date of letter dated 11th January 2016 and, this being an instance of continuing cause of action, so, the limit for filing of application gets extended accordingly - the debt is not barred by limitation. The application filed by the financial creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating corporate insolvency resolution process against the corporate debtor, Shree Ram Saw Mill Private Limited, is hereby admitted - Moratorium declared.
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