TMI Blog2018 (6) TMI 849X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Adjudicating Authority against resolution plan and for its necessary correction who may decide the same in accordance with the observations as made above - case is remitted to the Adjudicating Authority, Mumbai Bench to consider the application under Section 9 of the ‘I&B Code’ preferred by the Appellant after notice to the ‘Corporate Debtor’. - Company Appeal (AT) (Insolvency) No. 276 of 2017 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same line, prescription of limitation is applicable to the Code as well. As long as limitation is not prescribed under any specific enactment, it goes without saying Limitation Act, 1963 is automatically applicable to the Code as well. 28. Therefore, for the reasons above mentioned, this Company Petition is dismissed with liberty to the petitioner to proceed in respect to the claim within limitation by invoking section 14 of Limitation Act 1963. 2. In spite of service of notice and notice published in English newspaper Times of India , Mumbai Edition and Gujarati newspaper Sandesh , Mumbai Edition, the Respondent has not appeared. 3. Learned counsel for the Appellant rightly pointed out that the impugned order is against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tertained for triggering Corporate Insolvency Resolution Process under Section 7 and 9 of the I B Code . 72. However, the aforesaid principle for triggering an application under Section 10 of the I B Code cannot be 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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