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2022 (10) TMI 741 - Tri - Insolvency and BankruptcyMaintainability of petition - 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:- The Corporate Debtor having received the Demand Notice, did not send any reply nor paid the amount to Operational Creditor. Upon perusal of the Company Petition, this Bench expressed its view with regard to the bar of limitation, for filing the Petition. However, the Petitioner satisfied this Bench with a view that, a fresh computation of limitation period should begin from 15.09.2017, as the date of MOU which was executed between the Petitioner and the Respondent. Hence, the Company Petition being filed on 19.02.2019, is well within the limitation. Thus, Company Petition satisfies all legal requirements for admission. Since the Corporate Debtor did not file any reply, the claim of Operational Creditor remained unchallenged. Hence, this Bench feels that the Petitioner has successfully demonstrated the existence of “debt” and “default” committed by the Corporate Debtor in this case - Petition allowed.
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