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2022 (2) TMI 797 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- The respondent case that the petition is barred by limitation wherein the date of default is between 01.07.2017 to 02.03.2018 and thus, the limitation stands expired on 01.03.2021. Also, Supreme Court had excluded the period of limitation w.e.f. 15.03.2020 owing to the outbreak of COVID-19. Thus, the limitation period expiring on 30.06.2020 was extended by the order of Hon'ble Supreme Court. Hence the petition is not time barred. Further the respondent corporate debtor has admitted its liability to pay the operational debt via reply dated 24.02.2021. The corporate debtor in its reply dated 24.02.2021 admitted the default and further sought time till 01.12.2021 to pay the amount. Since the corporate debtor already admitted its liability to clear its debt which is evident from reply dated 24.02.2021, the present application deserves to be allowed - application allowed - moratorium declared.
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