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2020 (5) TMI 196 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate debtor failed to make repayment of its debt - Existence of debt and dispute or not - Time Limitation - HELD THAT:- The Corporate Debtor has not filed communications to the Operational Creditor raising any dispute with regard to poor quality of sacks/packing bags used for supply of the material. The alleged dispute is raised for the first time after filing of the Petition against Corporate Debtor. Time Limitation - Allegation that the claim is barred by limitation on the ground that last transaction was on 11-6-2016 and payment was also made on 23-5-2015. The Petition is barred by limitation which was filed on 24-7-2019 - HELD THAT:- Of course it is the duty of Operational Creditor to file receipts raised for making payments to the Corporate Debtor. However, the limitation starts from the expiry of period given in the purchase order. We have seen the purchase order and invoice attached to written submissions cum rejoinder. 60 days' time is given for payment. The last invoice is on 11-6-2016. The payment under the invoice is within 60 days. Therefore, limitation to start after expiry of 60 days. The petition is filed on 24-7-2019 is therefore, within the period of limitation. Demand notice was not issued and served on the Corporate Debtor. The petition is in order and is liable to be admitted - application admitted - moratorium declared.
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