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2022 (7) TMI 1186 - 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 - time limitation - HELD THAT:- This Tribunal after comprehensively hearing the said matter is of the view that, the debt and default had been proven beyond reasonable doubt. Furthermore the audited financial statements of the Corporate Debtor for the year ended on 31.03.2015, 31.03.2016 and 31.03.2018 clearly proves the presence of a debt due and payable by the Corporate Debtor to the Applicant Financial Creditor. Time Limitation - HELD THAT:- Further, the date of default is stated to be 19.03.2015 by the virtue of this Tribunal order dated 07.01.2022 in which the Applicant was 'allowed' to amend the date of default in Part-IV of the main Application IBA/706/2020. In the question of limitation, the Hon'ble Supreme Court in the case of LAKSHMI PAT SURANA VS. UNION BANK OF INDIA & ANOTHER [2021 (3) TMI 1179 - SUPREME COURT] has clearly stated that fresh period of limitation will come into play on the due acknowledgement of debt by the Corporate Debtor. The Application stands well within the period of limitation by the virtue of reflection of debt amount reflected in the Balance Sheet of the Corporate Debtor for the year ended on 01.09.2018 and the same shall be treated as acknowledgement of debt by the virtue of the Hon'ble Supreme Court judgment in ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED VS. BISHAL JAESWAL &. ANR, [2021 (4) TMI 753 - SUPREME COURT], Further this Applicant has filed this present Application on 20.11.2020, thus this Application stands well within the period of limitation. In view of the facts and also in view of the 'financial debt' which is proved by the Financial Creditor and the 'default' being committed on the part of the Corporate Debtor, this Tribunal is left with no other option than to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor. Application admitted - moratorium declared.
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