Maintainability of application - initiation of CIRP - Period of limitation - the legislative policy now...

Maintainability of application - initiation of CIRP - Period of limitation - the legislative policy now is to move away from the concept of “inability to pay debts” to “determination of default” - default referred to in the Code is that of actual non-payment by the corporate debtor when a debt has become due and payable - if default had occurred over three years prior to the date of filing of the application, the application would be time-barred save and except in those cases where, on facts, th..... .....

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