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2019 (12) TMI 1362 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - time limitation - HELD THAT:- Corporate Debtor/Respondent Company has not produced any documentary proof with respect to the averments made in the One Time Settlement proposal or failure on the side of Financial Creditor to consider their proposal. While on this, existence of the debt is proved as mentioned in the order passed by the Debts Recovery Tribunal and other documents produced before this Adjudicating Authority, otherwise there is a mere allegation of dispute. The Respondent/Corporate Debtor could not produce any proof before this Tribunal so as to disprove its debt and default. Time Limitation - it has been alleged that the present application is barred by limitation as the claim pertains to loan sanctioned in the year 2005 and the mortgage extended in favour of the Petitioner as security was given in the year 2005 - HELD THAT:- Even though the 'right to sue' accrues for the Financial Creditor on the date of NPA, i.e. 29.06.2013, the Hon'ble NCLAT in SESH NATH SINGH, AKHSAR KUMAR SINGH VERSUS BAIDYABATI SHEORAPHULI COOPERATIVE BANK LTD, ANIMESH MUKHOPADHYAY [2020 (2) TMI 286 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], has held that in computing the period of limitation, the time during which the Financial Creditor has been prosecuting with due diligence another civil proceedings against the corporate debtor for the same relief shall be excluded as per Section 14(2) of the Limitation Act, 1963. Even otherwise, the Financial Creditor has obtained a Debt Recovery Certificate against the Corporate Debtor and in view of the Judgment of the Hon'ble Supreme Court in the matter of VASHDEO R BHOJWANI VERSUS ABHYUDAYA CO-OPERATIVE BANK LTD AND ANR. [2019 (9) TMI 711 - SUPREME COURT], it is clear that the period of limitation would begin ticking from the date of issuance of the Recovery Certificate, as in this case, since the Recovery Certificate was issued by on 24.01.2019 and based on the recovery certificate issued the Financial Creditor has filed the present petition before this Authority on 15.04.2019. In view of the same, the present petition falls well within the period of limitation. The Application as filed by the Applicant - Financial Creditor is required to be admitted under Section 7 (5) of the I&B Code, 2016 - Application admitted - moratorium declared.
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