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2020 (12) TMI 320 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - time limitation - HELD THAT:- The Operational Creditor had served a Demand Notice in Form 3 dated 18-6-2018 to the Corporate Debtor (Exhibit '1', pp. 12-18) in terms of section 8 of the IBC. The Corporate Debtor has not replied to the Demand Notice. Section 69(2) of the Indian Partnership Act, 1932 would apply only to a 'suit' and not to proceedings. Applications filed under the IBC are not 'suits' but only proceedings, and therefore, the bar in terms of section 69(2) of the Indian Partnership Act, 1932, would not apply to applications filed under the IBC. Time Limitation - HELD THAT:- Article 137 of the Limitation Act, 1963 stipulates a limitation period of three years from the date on which the right to apply accrues - The date of default is stated to be 23-6-2015 and the petition was filed on 25-9-2018 - Noting that there is no acknowledgement of liability in terms of section 18 of the Limitation Act, 1963, before the expiry of the period of limitation, the present petition is barred by limitation. Petition dismissed.
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