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2022 (1) TMI 457 - 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 - application is barred by time limitation or not - HELD THAT:- The prescribed period of limitation for filing the Application for recovery of amount due being 3 years which period is to be reckoned from 30.03.2017 the argument that the present application is barred by limitation becomes wholly unsustainable and unacceptable. That apart, it is to be noted that soon after filing the present application, the Corporate Debtor made payment of ₹ 1.49 lacs on 23.10.2019, as is evident from the counter filed by the Corporate Debtor. This payment undoubtedly amounts to acknowledgment of liability by the corporate debtor herein - the sum claimed as due and payable by the Corporate Debtor is well within the period of limitation as on the date of filing this application. There are no force in the contention of the learned Senior Counsel for the Corporate Debtor that the debt claimed as due and payable by the Corporate Debtor in this application is barred by limitation. Whether the Operational Creditor has made out a case for ordering initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor? - HELD THAT:- It is trite to say that establishment of legally enforceable debt and default in payment of the said debt by the corporate debtor is the sine qua non, for setting the corporate insolvency resolution process in motion against the corporate debtor. The applicant in this case has convincingly established the same. Therefore, the petition deserves to be allowed and Corporate Insolvency Resolution Process against the respondent corporate debtor shall be ordered. Application admitted - moratorium declared.
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