Initiation of CIRP - sub-sequent application was maintainable, ...

CIRP Initiated: Adjudicating Authority Admits Application u/s 7; Debt Payable to Appellants, Not Time-Barred.

May 13, 2020

Case Laws Insolvency and Bankruptcy AT

Initiation of CIRP - sub-sequent application was maintainable, as we find that financial debt is payable to the appellants, particularly the second appellant as there is a default and the "corporate debtor" has failed to make out a case that it is barred by limitation and is not payable in law, we hold that this was a fit case for Adjudicating Authority to admit the application under section 7 and initiate "corporate insolvency resolution process"

View Source

← Previous Next →

Initiation of CIRP - sub-sequent application was maintainable, ...

CIRP Initiated: Adjudicating Authority Admits Application u/s 7; Debt Payable to Appellants, Not Time-Barred.

May 13, 2020

Case Laws Insolvency and Bankruptcy AT

You may also like:

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

Initiation of CIRP - The Adjudicating Authority (NCLT’s) couched with the powers to be exercisable as enshrined in the I&B Code, 2016. For the purpose of entertaining...

Section 7 application filed by the Financial Creditor was erroneously rejected by the Adjudicating Authority despite debt and default by the Corporate Debtor. The...

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

The Corporate Debtor admitted outstanding operational debt owed to the Operational Creditor, citing adverse cash flow as the reason for non-payment, without attributing...

Corporate debtor filed a reply to the financial creditor's Section 7 application in December 2023, but moved an application u/s 8 for reference to arbitration only on...

NCLAT dismissed the contempt application against adjudicating authority. It held no contempt was committed in admitting section 7 application against corporate debtor's...

Validity of order of NCLT admitting the application for CIRP - Although, pendency of winding-up petition before the High Court may not preclude filing of Section 7...

This legal summary concerns the maintainability of a Section 7 application for initiating the Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor....

Refusal to stay the proceedings initiated by the Respondent, Axis Bank Limited against the Appellant - The title “Insolvency and Bankruptcy Code” makes it amply clear...

The appellant challenged the dismissal of its application filed u/s 7 of the Code by the Adjudicating Authority. The key issues were: existence of debt and default,...

The National Company Law Appellate Tribunal (NCLAT) dismissed the appeal, upholding the order admitting the Section 7 application filed by ICICI Bank against the...

CIRP - Admission of Section 7 application - The NCLAT addressed the validity and impact of the ex parte arbitral award. It concluded that, irrespective of the award's...

Financial debt established through ledger entries and corporate debtor's admission. Section 7 application not time-barred due to corporate debtor's promise to repay u/s...

The NCLAT dismissed the appeal and upheld the Adjudicating Authority's order admitting the Operational Creditor's application for initiating CIRP against the Corporate...

Quick Updates: