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2020 (6) TMI 395 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Dishonor of cheque - pre-existing dispute or not - time Limitation - HELD THAT:- The preliminary issue raised by the Corporate Debtor that filing of Section 138 of the Negotiable Instruments Act, 1881 by the Operational Creditor before the Magistrate Court, Bombay, would amount to preexisting dispute is no longer res integra since the said issue was put to quietus by the Hon'ble NCLAT in the matter of Sudi Sachdev -Vs- APPL Industries Ltd. [2018 (11) TMI 1671 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], wherein at para 6, it was held that the pendency of the case under Section 138 of the Negotiable Instruments Act, 1881, even if accepted as recovery proceedings, it cannot be held to be a dispute pending before a court of law. It is evident that the claim as raised by the Operational Creditor is within the prescribed period of limitation of 3 years. The registered office of the Corporate Debtoris situated within the State of Tamilnadu, amenable to its territorial jurisdiction and this Authority has no hesitation in admitting this Petition and initiating the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor. Application admitted - moratorium declared.
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