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2021 (11) TMI 194 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - issuance of demand notice - time limitation - HELD THAT:- Admittedly, the invoices pertain to the period from November 2013 to February 2014 and were part of the undated demand notice under Section 8 of IBC sent by the Petitioner - The law with respect to 'date of default' and 'limitation' under IBC has been clearly laid down by Hon'ble Supreme Court in several judgments and since the Limitation Act 1963 is applicable to applications filed under Sections 7 and 9 of IBC from the inception of IBC therefore, Article 137 of the Limitation Act 1963 gets attracted. The Petitioner has filed the present petition on 30.01.20 and also failed to file any application for condoning the delay. Thus, three years from the date when the right accrues is the period when OC gets the right to trigger CIRP. The existence of debt and default on the part of the CD cannot be established as the due debt is stated to be on 03.03.14, which is barred by limitation period which expired in the year 2017. The present Petition deserves to be dismissed without going into merits of the case - Petition dismissed.
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