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2022 (8) TMI 996 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCHMaintainability 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:- The applicant, has placed on record the balance sheet of financial year ending 31.03.2017, 31.03.2018 and 31.03.2019 which reflects the entries of the loans made to the Corporate Debtor by the applicant. Further, it is well settled principle that the entries made in the Balance sheet amounts to acknowledgement of debt as per section 18 of Limitation Act, 1963. It is evident from the entry in the balance sheet itself that the Corporate Debtor has acknowledged debt. Since the Corporate Debtor has acknowledge the debt in the balance sheet is as on 31.03.2019, the limitation commences from 31.03.2019 and the present application has been filed on 14.02.2020, so the present petition is well within the limitation period. The Loan agreements executed between the Financial Creditor and the Corporate Debtor clearly substantiate the Financial Creditor's claim that the Corporate Debtor has defaulted on repayment which is duly admitted by Corporate Debtor - Petition admitted - moratorium declared.
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