CIRP initiation timely as debt acknowledgments by borrower and debtor extend limitation; NCLT Kolkata application valid.

Initiation of CIRP - Period of limitation - here is an acknowledgment of Debt by the Principal Borrower but also the Corporate Debtor on 27.5.15 & 8.12.18 respectively.The object of specifying time limit for limitation is undoubtedly based on ‘Public Policy’.The application projected before the Adjudicating Authority(NCLT) Kolkata Bench, on 13.2.19 is well within limitation and not barred by Limitation. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X