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2019 (1) TMI 840 - AT - Insolvency and BankruptcyCorporate insolvency resolution process - period of limitation for filing an application - Held that:- In the present case, the right to apply under Section 9 of the I&B Code accrued to the respondent since 1st December, 2016 when the I&B Code came into force. Therefore, we find that for triggering the application under Section 9, the application is within the time limit. So far as the claim is concerned, it is for the ‘Interim Resolution Professional / Resolution Professional’ to decide the claim, which may be corrected by the Adjudicating Authority if so required, and in appropriate case, he may decide whether the claim is time barred or not. In the present case, it is not the case of the appellant that there is no debt payable in the eyes of the law. In this case an amount of ₹ 1,99,27,145/- was payable together with interest @ 18% per annum as claimed by the respondent. This claim was made initially in the year 2014 when the company petition was filed, which was disposed of due to certain defects in the earlier application on 1st August, 2017. Therefore, the present application cannot be stated to be barred by limitation and on the other hand we find there is continuous cause of action.
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