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2022 (3) TMI 868 - 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:- It is a well settled principle of law that where one party has by his words or conduct made to the other a clear and unequivocal promise which is intended to create legal relations or effect a legal relationship to arise in the future, knowing or intending that it would be acted upon by the other party to whom the promise is made and it is in fact so acted upon by the other party, the promise would be binding on the party making it and he would not be entitled to go back upon it. Similarly, in the present matter the applicant withdrew the earlier filed petition on a promise made by corporate debtor. The corporate debtor also promised that the it would have no objection against initiation of insolvency proceedings in case of any failure to adhere terms of the agreement. In the present case also the applicant has acted upon the promise of the respondent corporate debtor and withdrew the earlier petition. The respondent itself made promise and therefore is now estopped from raising objection against the present petition. Time limitation - HELD THAT:- The respondent itself in its reply has admitted the fact of making partial payments to the applicant even in the year 2018. The same fact was also recorded in the order dated 12.04.2019 passed by this Tribunal. Therefore, fresh cause of actions were started from the each date of payments made by respondent in terms of Section 19 of the Limitation Act. Hence, the application is not time barred and the judgments relied upon by the respondent corporate debtor is not applicable. The present petition is allowed initiating Corporate Insolvency Resolution Process against the Corporate Debtor - moratorium declared.
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