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2022 (4) TMI 707 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - Principles of natural justice - one more opportunity to the appellant in this case to amend its pleading on payment of costs, are given or not - time limitation - HELD THAT:- As far as issue of MPID Act is concerned, it looks that there is no prohibition under the MPID Act for initiating CIRP process. As and when CIRP is initiated, the Resolution Professional is duty bound to approach the designated court for taking back control and custody of the said property over which the Corporate Debtor has ownership right derived from the legal documents. Hence the attachment of property does not prohibit initiation of CIRP. As far as issue of Balance Sheet is concerned, whether the Balance Sheet acknowledgment will give life to the due debt otherwise payable in law has also been amply clear in Hon’ble Apex Judgment in Asset Reconstruction Company (India) Ltd. Vs. Bishal Jaiswal & Anr. [2021 (4) TMI 753 - SUPREME COURT], where it was held that the NCLT held that the Section 7 application was not barred by limitation, and therefore, admitted the same. It is very much clear that the debt is due and payable in law - Petition dismissed.
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