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2022 (11) TMI 56 - NATIONAL COMPANY LAW TRIBUNAL , INDORE BENCHMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - date of default for each invoice is 10 days after the date of respective invoice - time limitation - HELD THAT:- It is noted that the applicant supplied CNG to the respondent against which the invoices were issued and the last invoice issued was in the year 2012-13. The applicant charged interest on delay payments @ SBI PLR +2% i.e., 16.50% & 16.45%. In the year 2017 the respondent through letter requested the applicant to waive off the interest amount - The issue of the limitation, being very relevant for maintainability of application under Section 9 assumes its importance; and even if there exists a debt which is defaulted and not paid, the application filed under Section 9 of the IBC, 2016 for initiating CIRP proceedings against the defaulting corporate debtor would not be maintainable if the debt itself is barred by the limitation under Article 137 of the Limitation Act, at the time of filing of the petition. Admittedly in the present case, the invoices under reference were raised in the year 2012-13 and the last invoice by the corporate debtor was made on 16.02.2013. The date of default is ten days after the date on which invoices were raised on & from 10.12.2012 to 26.02.2013 (upto 10.02.2013). Therefore, considering the date of last invoice, the period of limitation has expired [after three years] in the year 2016. The letter by the respondent for excluding the interest amount from the total outstanding amount along with the cheque of Rs. 5,00,000/- was sent in the year 2017, i.e. much beyond the period of limitation, therefore, the said letter cannot be said to have extended the period of limitation - the application filed on 11.09.2019 under Section 9 of the IBC, 2016 is beyond the period of limitation and accordingly, the said application is not maintainable under the IBC. Application disposed off.
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