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2020 (10) TMI 443 - 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 a settled principle, that any proceedings under Section 7, 9 and 10 of IBC, 2016 before this Tribunal is summary in nature and this Tribunal, like a Civil Court, cannot indulge in the luxury of taking evidence, oral or otherwise as to its existence - Further, in the present case, the debt fell due on 22.11.2012 and for the sake of argument, if the acknowledgement of debt is taken to be obtained from Corporate Debtor on 31.03.2016, the same falls beyond the 3 years period of limitation and as such the same has not been obtained before the expiration of the prescribed period. The debt which is being claimed to be in default from the Corporate Debtor is barred by limitation - petition dismissed.
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