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2018 (11) TMI 893 - Tri - Insolvency and BankruptcyInitiation of Insolvency Resolution Process - Acknowledgement of liability - Held that:- In the present case the acknowledgement of liability dated 31.08.2015 in the form of letter (Annexure-5) is sufficient to fulfil the requirement of Section 18 of Limitation Act. The present application was filed on 09.05.2018 which is much prior to three years. Therefore, the objection concerning the limitation period is wholly without substance and the same is hereby rejected. The objection with regard to calculation of amount would also not require any serious consideration. Section 4 of the Code, 2016 provides that if an amount of ₹ 1,00,000/- or more is due then that can be sufficient to initiate CIR Process. In the present case the default is in crores and objection regarding calculation is left open. It may be decided by CoC. The office is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor, the Interim Resolution Professional and the Registrar of Companies, NCR, New Delhi at the earliest but not later than seven days from today. The Registrar of Companies shall update his website by updating the status of 'Corporate Debtor' and specific mention regarding admission of this petition must be notified.
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