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TMI Blog2021 (3) TMI 1337X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Authority is required to see the existence of financial debt and ascertain the existence of default. As per the documents submitted by the Petitioner that there is a financial debt in the form of loans availed by the Corporate Debtor. The date of default is on 29.09.2015. The last date of payment by the Corporate Debtor is on 29.09.2015 and thereafter no payment was made. The last entry in 26AS of the Income Tax Statement for payment of interest is on 31.03.2016. The application is Educational Society held that Limitation Act is applicable to the proceedings under IBC. The petition is not maintainable as time barred. As a consequence, the instant petition is rejected in terms of Section 7 of the IB Code - Petition dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... d to ₹ 70,00,000/- (Rupees Seventy Lakhs Only) by M/s. Vrundavan Residency Pvt. Ltd., the Financial Creditor. It is further stated that the total amount of default continuing from 31.03.2017 to 31.12.2019 amounted to ₹ 89,24,630/- (Rupees Eighty-Nine Lakh Twenty-Four Thousand Six Hundred Thirty Only), including Principal and Interest amount. The date of default is 29.09.2015. 5. It is submitted by the Petitioner/ Financial Creditor that total amount of ₹ 68,10,000/- had been disbursed on various dates to the Corporate Debtor. The copy of the relevant disbursement made from the Account No. CBCA/01/000040 maintained with Corporation Bank Limited by the Financial Creditor to the Account of the Corporate Debtor marked and ann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ney belonging to or entrusted to the Company in securities and shares or other movable or immovable property and hence there is no object to lend the money to other companies. Hence, the alleged claim made by the Petitioner as financial creditor is not maintainable. 10. The Respondent has further submitted in his reply that the Petitioner has fairly mentioned that Respondent has been continuing making default from 31.03.2017 to 31.12.2019, but from page no. 166 of the petition itself shows that the last payment was made on 29.09.2015 and thereafter no payment was made. Hence the entire alleged claim is beyond the period of limitation and such alleged claim is barred by law of limitation. 11. The Petitioner submitted the following document ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest calculated till 31.03.2019 and speed post receipts. • Copy(ies) of the income tax return(s) along with the annexure filed by the Financial Creditor. • Copy of the acknowledgement receipt toward the filing fee. • Memorandum of Appearance & Board Resolution. • Proof of dispatch sent to the Corporate Debtor. 12. The Petitioner has proposed the name of Mr. Prashant Bharatkumar Patel having Registration No. IBBI/IPA-002/IP-N00827/2019-20/12627 to act as IRP under Section 13(1)(b) of the IB Code and written communication in Form-2 of IBBI has been submitted by the proposed IRP. 13. Heard the learned counsels for both sides. Gone through the application filed and documents submitted by the Petitioner Company. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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