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2020 (10) TMI 1037 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - Operational Debt or not - time limitation - HELD THAT:- It is quite settled that the acknowledgement has to be a conscious acknowledgement of the debt. There could be refusal to pay but it should show that there has been an acknowledgement of the debt outstanding. In the present matter, the endorsement concerned is seriously disputed and even if we are to accept the case of the appellant - even the Appellant is not claiming that Mr. Faruk Qureshi signed it. Who signed, nothing is clear. In the facts of the matter, the contention of the Corporate Debtor that the signature is not of Authorized Representative, cannot be simply brushed aside. From side of Operational Creditor, there is no Affidavit regarding how such endorsement was made. Annexure – A/4 does not inspire confidence. We do not find that the Adjudicating Authority erred when it concluded that the debt claimed was time barred. On this count, we did not find any substance in the Appeal. We set aside the Order passed by the Adjudicating Authority in Paragraphs – 13 and 14 of the Impugned Order imposing penalty of ₹ 1 Lakh on the Operational Creditor/Appellant. Rest of the Impugned Order of the Adjudicating Authority we maintain - Appeal allowed in part.
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