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2022 (5) TMI 717 - AT - 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 - Time Limitation - HELD THAT:- It is clear that for the extension of limitation under section 18 of the Limitation Act, insofar section 9 application of the appellant is concerned, there has to be a clear acknowledgment of debt within 3 years from 19.6.2006 and mere promise to pay at a much later date, on 21.10.2015 cannot extend limitation as required under section 18 of the Limitation Act. It is found that the Appellant was not part of the scheme of rehabilitation and therefore he is not entitled to claim exclusion of any period when its legal right of redressal was suspended - the appellant has not been able to establish the extension of limitation as required under Section 18 of the Limitation Act on the basis of valid acknowledgments provided by the corporate debtor to the operational debt, which is in default from June, 2006. The Adjudicating Authority did not commit any error in holding that section 9 application of Appellant was barred by limitation - appeal dismissed.
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