TMI Blog2017 (11) TMI 1679X X X X Extracts X X X X X X X X Extracts X X X X ..... y, amounting to laches and thereby the person forfeited his claim. The stale claim of dues without explaining delay, normally should not be entertained for triggering 'Corporate Insolvency Resolution Process' under Sections 7 and 9 of the 'I&B Code'. 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. We, accordingly, set aside the impugned order dated 25th May, 2017 and remit C.P. back to the Adjudicating Authority, Principal Bench, New Delhi to consider the matter in accordance with l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1963 is applicable for triggering 'Corporate Insolvency Process' under I B Code came for consideration before this Appellate Tribunal in Speculum Plast (P.) Ltd. v. PTC Techno (P.) Ltd. [2017] (NCL-AT) In the said case this Appellate Tribunal by its judgment dated 7.11.2017 has held as follows: 68. In view of the settled principle, while we hold that the Limitation Act, 1963 is not applicable for initiation of 'Corporate Insolvency Resolution Process', we further hold that the Doctrine of Limitation and Prescription is necessary to be looked into for determining the question whether the application under Section 7 or Section 9 can be entertained after long delay, amounting to laches and thereby the person forfeited his c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 5. This Appellate Tribunal also notice the provisions of Article 137 (Part II) of the Limitation Act and observed: 58. Even if it is accepted that the Limitation Act, 1963 is applicable, though we have held otherwise, in that case also application under Section 7 or 9 or 10 cannot be rej ..... X X X X Extracts X X X X X X X X Extracts X X X X
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