2018 (5) TMI 736

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....Rules, 2016" before the Adjudicating Authority (National Company Law Tribunal), Chennai. Before the Adjudicating Authority the appellant requested to treat the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'I&B Code'). However, the Adjudicating Authority rejected the prayer on the ground that the application was barred by limitation. 2. Respondent has appeared and the learned counsel for the respondent prayed for some time to file the reply. However, as the matter requires re-consideration by the Adjudicating Authority in view of the discussion, as made below, we have not allowed the respondent to file any reply at this stage. 3. The question whether the Limitation Act, 1963 will b....

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

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....jurisdiction to be dealt with in accordance with Part II of the Code: Provided that the petitioner shall submit all information, other than information forming part of the records transferred in accordance with rule 7, required for admission of the petition under Sections 7, 8 or 9 of the Code, as the case may be, including details of the proposed insolvency professional to the Tribunal upto 15th day of July, 2017, failing which the petition shall stand abated: Provided further that any party or parties to the petitions shall, after the 15th day of July, 2017, be eligible to file fresh applications under sections 7 or 8 or 9 of the Code, as the case may be, in accordance with the provisions of the Code: Provided also that where a p....