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2021 (1) TMI 270 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - Time Limitation - HELD THAT:- In the part-IV of the application, it is mentioned that the date of default is 06.08.2012 i.e. the date of the NPA and it is mentioned that total days of default are 640 days calculated from 31.03.2018. We also notice that the application was filed on 26.02.2020 - Also, the agreement for restructuring of credit facility was executed on 29.04.2014 between the Corporate Debtor and the Financial Creditors bank. Therefore, the contention of the applicant is that although the NPA was declared on 06.08.2012, the Corporate Debtor within the period of three years had acknowledged the debt and restructuring of credit facility was arrived between the Corporate Debtor and the Financial Creditor within the period of three years. The heading of the document is status of plant and repayment of loans and from the plain reading of the averment made in this document, it is noticed that there is no clear cut acknowledgment as it was in the settlement agreement dated 29.04.2014 - when we consider the letter dated 24.03.2017 upon which the applicant has placed reliance, we are of the considered view that this letter would not be treated as acknowledgement of debt under Section 18 of the Limitation Act. Admittedly the date of default is the date of NPA - If we accept the contention of the Ld. Counsel for the applicant that within a period of three years from the date of NPA, the loan was restructured by the restructuring settlement agreement dated 29.04.2014 then, the limitation shall run from 29.04.2014 but we are unable to accept the contention of the applicant, that again during the period of three years vide letter dated 24.03.2017, there was acknowledgement of debt. In our considered view, that letter was regarding the status of the plant and not an acknowledgement of debt as it was earlier done by settlement agreement dated 29.04.2014, which is at page 475 of the application. Thus, the present application is barred by limitation - application dismissed.
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