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2019 (1) TMI 839 - Tri - Insolvency and BankruptcyCorporate insolvency resolution process against the corporate debtor - outstanding debt - Application barred by limitation - Held that:- Instant application has been filed on February 26, 2018 which is within three years reckoning from December 1, 2016 and the amendment by which the Limitation Act has been applicable to the I and B Code, was brought into force on June 6, 2018 which operates prospectively. Therefore, keeping in view the facts and circumstances of the case and the legal position stated above, it is held that the instant application is not barred by limitation, the plea taken by counsel for the corporate debtor that the application is suffering from delay and laches is devoid of merits and stands rejected. The operational creditor has fulfilled all the requirements of law for admission of the application. This Bench is satisfied that the corporate debtor has committed default in making payment of the outstanding debt claimed by the operational creditor. Therefore, petition is admitted and the commencement of the corporate insolvency resolution process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed.
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