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2022 (9) TMI 11 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- It is now well settled that the period of limitation for an Application seeking initiation of the CIRP under Section 9 of the Code is governed by Article 137 of the Limitation Act and is, therefore 3 years from the date when the 'Right to Apply' accrues i.e., failure to clear the dues. As the debt has been duly acknowledged by the Corporate Debtor on 16.03.2017, accordingly, the limitation period will be reckoned from 16.03.2017. Thus the present Application which has been filed within three years from 16.03.2017 as prescribed in Article 137 of the Limitation Act successfully survives the bar of Limitation. Threshold limit for filing application - HELD THAT:- In order to initiate the CIRP against a Corporate Debtor on an Application filed by the Operational Creditor before 24.03.2020, it must primarily qualify the threshold limit of Rs. 1 lakh. It is pertinent to mention here that the Notification regarding the enhancement of minimum amount of default to one crore for the purpose of Section 4 was issued by the Ministry of Corporate Affair on 24th March, 2020 and the amount defaulted by the Corporate Debtor and filing of the petition was before that i.e. on 01.03.2020. Since any notification issued by the Government are generally Prospective in nature unless specifically expressed, hence the notification is not applicable to the present case - the instant Application satisfies the pecuniary criteria under Section 9 of the Code, 2016. This Authority is satisfied that there is an outstanding operational debt as well as there is default by the corporate debtor. Considering the facts and circumstances in which this debt has arisen, the nature of the Debt is an 'Operational Debt' as defined under section 5 (21) of the Definitions under the Code and there is a "Default" also as defined under section 3 (12) of the Code on the part of the Corporate Debtor. This Authority is of the firm view that there was default on the part of the respondent in pursuance of invoices raised on behalf of the applicant. Accordingly, the present application stands admitted in terms of Section 9(5) of the Code and CIRP is hereby ordered to be initiated against the respondent Corporate Debtor, forthwith - Application admitted - moratorium declared.
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