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2022 (8) TMI 648 - 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 - time limitation - HELD THAT:- The Corporate Debtor filed a detailed reply alongwith Annexure R-l to R-16, primarily denying, the averments in the application to the effect that there is no debt and default. That the entire amount due and payable has been already been paid. The Ld. Counsel for the Corporate Debtor refers to the admitted bills and Statement of Account of the applicant to prove that the entire amount of Rs. 68,86,105/- has been paid and that there is no due - While it is the contention of the Petitioner that there is debt and default in excess of Rs. 68,86,105/- which has been already paid by the Corporate Debtor. The Ld. Counsel for the Petitioner was asked to explain how the petition is maintainable; in view of two important factors namely limitation and pendency of Arbitration Proceedings, which is a fall out of the series of notices and the Suit proceedings with reference to Arbitration. Time Limitation - HELD THAT:- The plea that Section 14 of the Limitation Act, 1963 will save the present case does not find merit. At the time of filing of the petition, i.e., on 27.01.2020, the Petitioner/Applicant knows about the pendency of Arbitral Proceedings and should have withdrawn the same at the time of filing and prosecuting the matter before this Tribunal. The afterthought to withdraw the Arbitral Proceedings before the Hon'ble High Court, that too after filing this petition before this Tribunal clearly shows that it was done to overcome the limitation and to invoke Section 14 of the Limitation Act, 1963. Therefore, it cannot be said that the applicant was bona fide prosecuting the proceedings before another forum. It is a sham plea to overcome the mandate of the IBC. The original petition should normally contain relevant documents in support of the petition in its complete form. But in this case not only the documents are not placed but the pleadings are also incomplete. The relevant documents namely, exchange of notices, suit proceedings, Arbitration Proceedings etc. have been deliberately omitted for reasons best known however, it will be fatal to the proceedings. There are no hesitation to hold that this Petition does not have any merit both in law and on facts. The dispute between the parties is clear and present. It attracts the provision of IBC as contended by the Respondent that the proceedings are barred by law in the facts of the present case - petition dismissed.
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