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2022 (2) TMI 419 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - Arbitration proceedings proceeded ex parte against respondents - HELD THAT:- The Financial Creditor has properly placed the Loan Agreements, Sanction Letters, Disbursement Details, Loan Recall Notice, Last Payment details, Statement of Dues to establish the default and the Balance sheets for the corporate debtor which acts a proper acknowledgment within the meaning of Section 18 of the Limitation Act, 1963 - Once there is a proper Acknowledgment of the Debt in writing, a fresh limitation period starting from the date of acknowledgment begins i.e. 05.09.2018 (Balance sheet for the year 2017-18), 30.09.2017(Balance sheet for the Year 2016-2017). The petition is filed on 18.11.2019 which is under 3 years of the Limitation period from the last acknowledgment received. There exists a default and evidence of default has already been placed by the financial Creditor. According to Sec. 7(5) if the Adjudicating Authority is satisfied that a default has occurred and the Application is complete in accordance to Sec. 7(2) and 7(3), then Adjudicating Authority may admit such Application. The Application is complete in all respects and there is a failure on the part of Corporate Debtor to make the timely payments of the Loan and follow the repayment Schedule. The Financial Creditor had made several attempts to recover the due amount and served legal notice on the Corporate Debtor but Corporate debtor had never responded to those. Even after passing of the Arbitral Award in favour of the Financial Creditor, Corporate debtor failed to comply with it. Thus it is a fit case to admit CIRP against Corporate Debtor and the application is within the limitation Period - application admitted - moratorium declared.
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