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2022 (3) TMI 266 - SC - Insolvency and BankruptcyMaintainability of application - appropriate forum - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - application was barred by limitation or not - HELD THAT:- The Appellant has relied upon certain material in the form of correspondences during the years 2014 to 2017 and balance sheets for the Financial Years ending 2015, 2016, 2017, 2018 and 2019 to show that the application filed under Section 7, IBC was within the period of limitation. Admittedly, the material relied upon by the Appellant was not before the Adjudicating Authority. In a similar situation, this Court in Asset Reconstruction [2021 (4) TMI 753 - SUPREME COURT], after noting that the appellant therein was completely remiss in not pleading acknowledgement of liability, provided another opportunity to the appellant to amend its pleadings before the NCLAT. In the said case, the appeal was remanded to the NCLAT subject to cost of ₹ 1,00,000/-, after taking into account the huge amount of money that was due from the corporate debtor therein. Permission granted to the Appellant to amend the application under Section 7, IBC, subject to payment of cost of ₹ 1,00,000/- by the Appellant to the Corporate Debtor. The appropriate forum to consider the amended application is the NCLT - matter remanded back to the NCLT to consider the amended application under Section 7, IBC afresh.
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