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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 ..... Mukhopadhaya And Mr. Bansi Lal Bhat, JJ. For The Appellants : Shri Rahul Chitnis, Shri V. Mulay and Shri Aaditya Pande Advocates For The Respondent : Shri Sandeep Bajaj, Shri Soayib Quereshi, Ms Aakanksha Nenca and Ms. Shourya Mittal Advocates ORDER Corporate Debtor has preferred this appeal against the order dated 19th July, 2017 passed by Adjudicating Authority (National Company Law Tribunal) Mumbai 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Applicant to explain the delay within a reasonable period to find out whether there are any laches on the part of the Applicant. 71. The stale claim of dues without explaining delay, normally should not be entertained 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e matter of filing application under Sections 7 or 9 or 10: Part II - OTHER APPLICTION Description of application Period of Limitation Time from which period begins to run 137. Any other application for which no period of limitation is provided elsewhere in this division. Three years When the right to apply 59. From Article 137 of the Limitation Act, 1963, it is clear that the period of three years is to be counted from the date right to apply accrues to a Financial Creditor or Operational Creditor or Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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