Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

The Tribunal examined the maintainability of an application for initiating the Corporate Insolvency...

The Tribunal examined the maintainability of an application for initiating the Corporate Insolvency Resolution Process (CIRP) u/s 7 of the Insolvency and Bankruptcy Code (IBC). It addressed the issue of condonation of delay in filing the petition. The Operational Creditor (OC) claimed a bona fide belief that the petition was filed within the limitation period. However, the Tribunal held that Section 5 of the IBC applies to applications filed u/ss 7 or 9, and cited the Supreme Court's decision in B.K Educational Services Pvt. Ltd. Vs. Parag Gupta And Associates, which stated that the right to sue accrues when a default occurs, and if the default occurred over three years prior to the application filing, it would be barred under Article 137 o..... .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates