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2021 (12) TMI 678 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - Non-performing assets - time limitation - HELD THAT:- For an Application under Section 7 of IBC, it is article 137 of the Limitation Act, which applies and hence the time begins to run from the date on which the Applicant/Corporate Debtor is declared as NPA. In that case 21.07.2011. It was held that since it is beyond three years, the Application under Section 7 of IBC would be time barred - In this case, since there is no denial of the fact that, the Corporate Debtor was declared as NPA on 30.06.2002, the time for the purpose of limitation, starts from the said date which long expires by the date of filing this Application i.e., 05.06.2020. In order to prove that the debt due to the Financial Creditor is acknowledged by the Corporate Debtor, the Counsel draws the attention of this Tribunal to the Balance Sheet filed by the Corporate Debtor on 31.03.2020 wherein the debt due to the Financial Creditor is shown - contention of the Counsel is that since, the dispute is pending before the DRT, the same is shown as non-current liability and unless the DRT adjudicates the liability of the Petitioner it would not become a debt. This Tribunal finds good amount of force in the said argument. Apart from that, the amount shown is ₹ 62,05,337/- which is well below the pecuniary jurisdiction of the Tribunal, which is ₹ 1 Crore as on the date of fling the Petition. The Company petition is filed beyond the period of limitation specified under Article 137 and cannot be entertained - petition dismissed.
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