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TMI Blog2018 (7) TMI 1875X X X X Extracts X X X X X X X X Extracts X X X X ..... ground cannot be accepted to reject the application preferred by the ‘Financial Creditor’ under Section 7 of the ‘I&B Code’, there being admitted default. Rejection of application also on the ground that amount due is barred by ‘limitation’ - Held that:- Such submission cannot be accepted in view of the fact that there is a continuous cause of action. Even if it is accepted that Limitation Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER This appeal has been preferred by the Director and Shareholder of M/s. Kunj Forgings (P) Ltd.- ( Corporate Debtor ) against the order dated 17th May, 2018, whereby and whereunder the application under section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as I B Code ) preferred by the Punjab National Bank- ( Financial Creditor ) has been admitted. 2. Learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 7 accrued to Punjab National Bank on 1st December, 2016, when I B Code came into force. Before the same, it had no right to apply under Section 7 of the I B Code . Therefore, even if the Limitation Act is made applicable, the application being not barred by limitation, interference is not called for. 4. There being no merit, the appeal is dismissed. No costs. - - TaxTMI - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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