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2020 (5) TMI 269 - 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:- As on the date of hearing, learned counsel for the corporate debtor failed to produce any document to prove that there is no debt and default on the part of the corporate debtor. So, from the perusal of averments made in the counter-affidavit filed on behalf of the respondent, I find that the respondent has raised the question of maintainability on the ground referred in the counter-affidavit. Time Limitation - HELD THAT:- Further, it is matter of record that the statement of account which has been filed shows that on October 3, 2016 an amount of ₹ 3,00,000 has been deposited and the applicant/financial creditor has filed this application on November 30, 2018, and on this the learned counsel for the petitioner submitted that this petition is covered by section 19 of the Limitation Act - From the perusal of section 19 of the Limitation Act, it appears to this Adjudicating Authority that it is admitted position of law that subsequently if any payment is made by the borrower then the limitation shall run from the date when the last amount was paid by the corporate debtor. There-fore, this Adjudicating Authority finds force in the contention of the submission placed by learned counsel for the petitioner, that this case comes under section 19 of the Limitation Act. It is admitted position of law that article 62 will not apply to the applications filed under section 7 of the Insolvency and Bankruptcy Code, 2016 rather it would fall only under article 137 of the Limitation Act. Therefore, this Adjudicating Authority does not finds force in the contention of the submission placed by learned counsel for the petitioner, that this case comes under article 62 of the Limitation Act - In counter affidavit filed by the respondent and reply to the counter affidavit filed by the petitioner, this Adjudicating Authority finds, the corporate debtor in the counter affidavit admits the debt and his only grievance is the entire properties of the corporate debtor are in hands of the financial creditor. The application filed on behalf of the financial creditor/applicant under section 7 of the IBC is found complete and it is within limitation. It further appears that there is default in non-payment of the debt owed by the corporate debtor, the applicant has annexed sufficient evidence to show the default on behalf of the corporate debtor. Therefore the application filed under section 7 of the IBC deserves to be admitted. Application admitted - IRP appointed - moratorium declared - List on October 23, 2019 for the filing of the progress report.
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