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2019 (7) TMI 1426 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHIAdmissibility of petition - Initiation of Corporate Insolvency Resolution Process - Corporate Debtor - Time Limitation - HELD THAT:- Section 3(6) defines “claim” to mean a right to payment even if it is disputed. The Code gets triggered the moment default of ₹ 1 lakh or more (Section 4) occurs. It is clear that when the Respondent has disputed the amount, as the amount is more than ₹ 1 lakh, the application under Section 9 cannot be rejected. Time Limitation - HELD THAT:- It is clear that the application is maintainable within three years from the date when the right to apply accrues. Since, the Insolvency and Bankruptcy Code, 2016 has come into effect since 1st December, 2016, we hold that the application is not barred by limitation - The Adjudicating Authority while passing the order, failed to appreciate the facts and erroneously held that there is a pre-existing dispute and the claim is barred by limitation. Case remitted back for denovo consideration - appeal allowed by way of remand.
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