2021 (8) TMI 625

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....pellant : B. Sarath Babu, Advocate ORDER Sucharitha R., Member (J) 1. The present Application is filed by the Operational Creditor viz. Shree Padmavathi Papers, under Section 9 of Insolvency and Bankruptcy Code, 2016, seeking thereof to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor viz. M/s. Cholan paper and Board Private Limited. 2. It is seen th....

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.... It was alleged that there arose a default in repayment of the dues by the Corporate Debtor for a sum of Rs. 6,43,176/-. (ii) The Operational Creditor has filed a original suit before the Principal District Judge, Kadapa O.S. No. 90/2013 which came to be decreed for a sum of Rs. 10,63,600/- vide Judgment dated 02.06.2014. (iii) Thereafter, the Operational Creditor has sent a Dema....

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....of default clearly as 02.06.2014 and it is an undisputed fact that the present Application has been filed before this Tribunal on 16.12.2019. Also, the Operational Creditor has failed to place on record any document to show that the debt claimed by them, is well within the period of limitation. 6. It is also seen that the Operational Creditor has clearly slept over his rights to enforce the pur....