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2020 (4) TMI 604 - Tri - Insolvency and BankruptcyAdmissibility of petition - initiation of CIRP - time limitation - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - whether the petition filed by the financial creditor is within the period of limitation under Article 137 of the Limitation Act? - HELD THAT:- There is no impediment for the petitioner/financial creditor to initiate proceedings under the Insolvency and Bankruptcy Code, 2016 simultaneously, along with initiation of proceedings before the Debt Recovery Tribunal. The question of exclusion of time on the ground that proceedings are pending before the Debt Recovery Tribunal, for computation of limitation under Article 137 of the Limitation Act does not arise, for the reason that the Debt Recovery Tribunal proceedings are still pending and the petitioner/financial creditor moved the present application under section 7 of the Insolvency and Bankruptcy Code, 2016 simultaneously. There is no question of any exclusion of time under section 14 of the Limitation Act for initiation of proceedings under section 7 of the Insolvency and Bankruptcy Code, 2016 by the petitioner/financial creditor against the corporate debtor - In the present case the account was declared as NPA on 30-4-2013, whereas the present petition under section 7 of the I&B Code was filed on 12-9-2018, which was filed beyond three years. As such the present application is liable to be rejected. Petition dismissed.
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