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TMI Blog2018 (5) TMI 736X X X X Extracts X X X X X X X X Extracts X X X X ..... der Section 433 is transferred, it is to be seen whether within the time prescribed the applicant provided all information other than relevant information(s) as per the I & B Code and as required to be furnished in requisite form prescribe under Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. - Also for treating the application as an application under Section 9, it is to be seen as to whether the applicant had issued notice under Section 8(1) and received a reply under Section 8(2) of the I &B Code. If notice has been issued and reply has been received, then only it can be seen whether there is an ‘existence of dispute’. All these issues are required to be noticed from the records and, therefore, we are not go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for initiation of corporate resolution process under Section 7 or 9 or 10 of I B Code, fell for consideration before this Appellate Tribunal in M/s. Speculam Plast Pvt. Ltd. vs. PTC India Pvt. Ltd. etc. in Company Appeal (AT) (Insolvency) No. 47 of 2017 . This Appellate Tribunal by judgment dated 7th November, 2017 observed and 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, amountin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Adjudicating Authority against resolution plan and for its necessary correction who may decide the same in accordance with the. observations as made above. 4. In view of the decision in M/s. Speculum Plast Pvt. Ltd. (Supra), we hold that the Adjudicating Authority was wrong in holding that the application was barred by limitation. 5. There are other factors to be noticed bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed also that where a petition relating to winding up of a company is not transferred to the Tribunal under this rule and remains in the High Court and where there is another petition under clause (e) of section 433 of the Act for winding up against the same company pending as on 15th December, 2016, such other petition shall not be transferred to the Tribunal, even if the petition has not been served on the respondent. 6. In terms of Rule 5, if an application under Section 433 is transferred, it is to be seen whether within the time prescribed the applicant provided all information other than relevant information(s) as per the I B Code and as required to be furnished in requisite form prescribe under Insolvency and Bankruptcy (Appli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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