2017 (11) TMI 1679

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....y as the copy of the order was made available to appellant on 28th June, 2017 whereinafter the appeal was preferred on 28th July, 2017. Inspite of the same the Registry of the Appellate Tribunal had not registered the matter on the ground of delay and after an order passed by the Registrar of this Appellate Tribunal, the case was registered. In the facts and circumstances aforesaid we hold that there is no delay in preferring the appeal. 2. This appeal has been preferred by the appellant against the order dated 25th May, 2017 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi (hereinafter referred as the "Tribunal") in C.P. No.(IB)(108)(PB)/2017. By the impugned order the Tribunal rejected th....

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.... under section 7 or Section 9 has been filed after long delay, the Adjudicating Authority may give opportunity to the Applicant to explain the delay within a reasonable period to find out whether there are any laches on the part of the Applicant. 71. The stale claim of dues without explaining delay, normally should not be entertained for triggering 'Corporate Insolvency Resolution Process' under Sections 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 i....

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.... begins to run 137. Any other application for which no period of limitation is provided elsewhere in this division. Three years When the right to apply accrues   59. From Article 137 of the Limitation Act, 1963, it is clear that 'the period of three years' is to be counted from the date right to apply accrues to a 'Financial Creditor' or 'Operational Creditor' or 'Corporate Debtor'. 60. For initiation of 'Corporate Insolvency Resolution Process', the right to apply accrues under Section 7 or Section 9 or Section 10 only with effect from 1st December, 2016 when 'I&B Code' has come into force, therefore, the right to apply under Section 7 or Section 9 or Sectio....