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2021 (11) TMI 367 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - NPA - Financial Creditors - existence of debt and dispute or not - Time Limitation - HELD THAT:- In view of the fact the account of the Corporate Debtor was declared as NPA on 30th June, 2014. The Appellant submitted that the application under Section 7 of the IBC filed by Respondent No. 1 on 14.02.2019 was much after delay of 3 years, so application under Section 7 is hit by limitation. It is admitted fact that in the letter dated 04.01.2020 the Appellants stated that they are ready to settle the amount with both the Banks at the total value of 8.75 Crores, this OTS amounts to acceptance of the debt and in view of the law laid down in the judgment passed by Hon’ble Supreme Court in ‘Asset Reconstruction Company (India) Limited Vs. Bishal Jaiswal & Anr. [2021 (4) TMI 753 - Supreme Court] the application under Section 7 of the IBC is not barred by limitation. There is no illegality in the impugned order - Appeal dismissed.
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