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2021 (4) TMI 50 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of debt - Financial creditors - NPA - existing debt and dispute or not - time limitation - HELD THAT:- The Learned Counsel for the Respondent points out Paragraph 19 of that Reply filed by the Corporate Debtor where clearly the Corporate Debtor accepted that principal amount due and in default reflecting in their accounts was ₹ 41.67 Crores. It is stated that this is admittedly more than ₹ 1 lakh. It is stated that the debt due has been accepted. Time Limitation - HELD THAT:- Considering the Judgment of the Hon’ble Supreme Court of India in SESH NATH SINGH & ANR. VERSUS BAIDYABATI SHEORAPHULI CO-OPERATIVE BANK LTD AND ANR. [2021 (3) TMI 1183 - SUPREME COURT], we have no difficulty to state that Section 18 of the Limitation Act is applicable to proceedings under IBC and that if there is acknowledgment of debt in the balance-sheets or the OTS Proposal, the period of limitation would get extended if the acknowledgment is made before the period of limitation expires. Considering the findings recorded by the Adjudicating Authority based on balance-sheets and even keeping in view the admitted dates when OTS Proposals were made by the Corporate Debtor, it is not found that Appellant is able to demonstrate that the Adjudicating Authority committed any error when the Adjudicating Authority concluded that the debt was not time-barred and admitted the Application. Appeal dismissed.
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