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2021 (3) TMI 126 - HC - Insolvency and BankruptcyInitiation of CIRP - Period of limitation - NPA - Jurisdiction of Tribunal to admit application - HELD THAT:- That article 137 in the Limitation Act, 1963 would apply for the purpose of the bank's application made before the Tribunal, is undisputed. On perusal of the impugned order, it appears that the bank had asserted, the bar of limitation did not apply as the corporate debtor had made acknowledgments in its balance-sheets, acknowledgments as in section 18 of the Limitation Act, for the period of limitation being extended - The court is convinced that the mandate of the Limitation Act is for dismissal of, inter alia, an application such as the bank's, on having been brought more than three years after right to sue accrued. The Tribunal, on the facts, lacked jurisdiction to admit it. The impugned order dated August 19, 2020 is set aside and quashed.
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