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2018 (6) TMI 1790 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to pay Annual listing fee - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT - On perusal of the Form - 5 under Adjudicating Authority Rules filed by the Petitioner, this Bench has noticed that the Petitioner itself has mentioned in the petition that the default date as 1.4.2014, when this Bench has put it to the Petitioner Counsel as to whether this debt has been acknowledged or part payment has been made by this Corporate Debtor at any point of time after 1.4.2014, since this Counsel has stated that the Corporate Debtor has neither acknowledged nor made any part payment after 1.4.2014, this Bench is of the view that this Petition is hit by the Limitation Act, 1963 as envisaged under Section 238A of the I B Code. For the limitation period of three years reckoning from 1.4.2014 is over by the time this company Petition has been filed by the petitioner, i.e., on 8.12.2018 this Bench hereby holds that this Petition is hit by Section 238A of the Insolvency Bankruptcy Code - Petition dismissed.
Issues: Application u/s 9 of Insolvency & Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution process due to default in payment of annual listing fee by the Corporate Debtor.
The judgment pertains to an application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by the Petitioner, Bombay Stock Exchange Ltd., against the Corporate Debtor, Neo Corp International Ltd., for defaulting in payment of the annual listing fee. The Petitioner claimed that the Corporate Debtor failed to make payments starting from 1.4.2014, which led to the initiation of proceedings for Corporate Insolvency Resolution. Despite receiving a Section 8 notice, the Corporate Debtor did not respond, and the Petitioner submitted material proof of non-payment. The Petitioner sought admission of the Company Petition based on the evidence presented. Upon reviewing the Form-5 filed by the Petitioner, the Bench noted that the default date mentioned was 1.4.2014. When questioned about any acknowledgment or part payment by the Corporate Debtor post this date, the Petitioner's Counsel confirmed no such actions were taken by the Corporate Debtor. Consequently, the Bench determined that the Petition was time-barred under the Limitation Act, 1963, as per Section 238A of the Insolvency & Bankruptcy Code. The Bench found that the limitation period of three years from 1.4.2014 had lapsed by the filing date of the Company Petition on 8.12.2018. Therefore, the Bench concluded that the Petition was indeed hit by Section 238A of the Insolvency & Bankruptcy Code, leading to its dismissal as misconceived.
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