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2020 (10) TMI 823 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - whether the claim of the financial creditor is barred by law of limitation? - HELD THAT:- The default had admittedly occurred on 31.08.2012 and the present application has been filed on 26.10.2018, prima facie, this application is barred by limitation since it has been filed beyond limitation period. A look at the statement of accounts related to the account of the Corporate Debtor indicates that the above said deposit was not part payment towards the loan amount liable to be paid by the Corporate Debtor but was deposited by the Allahabad Bank. Accordingly, the submission on the side of the Financial Creditor that fresh period of limitation would start from 18.03.2016 is found devoid of any merit - No other argument was advanced on either side. Though the application filed is complete as per section 7(5) of the Code, the claim being found barred by law of limitation this application is liable to be dismissed. Application dismissed.
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