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TMI Blog2017 (12) TMI 1242X X X X Extracts X X X X X X X X Extracts X X X X ..... mbai in C.P. No. 716/I&BP/2017 whereby and wherunder an application preferred by the Respondent-Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (hereinafter referred to as 'I & B Code') read with Rule-4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has been admitted, order of moratorium has been passed and Interim Resolution Professional has been appointed. 2. The main plea taken by the learned Counsel for the Appellants is that the Application under Section 7 of the I & B Code was barred by limitation. However, such submission cannot be accepted in view of the decision of this Appellate Tribunal in Speculum Plast (P.) Ltd. v. PTC Techno (P.) Ltd. [Company Appeal (AT)(Insolvency) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e made applicable as the 'Corporate Applicant' does not claim money but prays for initiation of 'Corporate Insolvency Resolution Process' against itself, having defaulted to pay the dues of creditors. In so far it relates to filing of claim before the 'Insolvency Resolution Professional', in case of stale claim, long delay and in absence of any continuous cause of action, it is open to resolution applicant to decide whether such claim is to be accepted or not, and on submission of resolution plan, the Committee of Creditors may decide such question. If any adverse decision is taken in regard to any creditor disputing the claim on ground of delay and laches, it will be open to the aggrieved creditor to file objection before the Adjudicatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unted from the date right to apply accrues to a 'Financial Creditor' or 'Operational Creditor' or 'Corporate Debtor'. 60. For initiation of 'Corporate Insolvency Resolution Process', the right to apply accrues under Section 7 or Section 9 or Section 10 only with effect from 1st December, 2016 when 'I&B Code' has come into force, therefore, the right to apply under Section 7 or Section 9 or Section 10 in all present cases having accrued after 1st December 2016, such applications cannot be rejected on the ground that the application is barred by limitation." 5. In view of the aforesaid position of law and decision of this Appellant Tribunal, we find no infirmity in the impugned order. In absence of any merit, the appeal is dismissed. Howev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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