2017 (12) TMI 1242

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....bai 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, order of moratorium has been passed and Interim Resolution Professional has been appointed. 2. The main plea taken by the learned Counsel for the Appellants is that the Application under Section 7 of the I & B Code was barred by limitation. However, such submission cannot be accepted in view of the decision of this Appellate Tribunal in Speculum Plast (P.) Ltd. v. PTC Techno (P.) Ltd. [Company Appeal (AT)(Insolvency) N....

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.... 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 claim, long delay and in absence of any continuous cause of action, 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....