Maintainability of application - initiation of CIRP - In the ...

CIRP Application Dismissed as Time-Barred; No Liability Acknowledgment u/s 18 of Limitation Act, 1963.

November 22, 2021

Case Laws     Insolvency and Bankruptcy     AT

Maintainability of application - initiation of CIRP - In the instant case, it is clear that the right to sue accrued when the default occurred way back on 28.02.2002. The material on record does not evidence any acknowledgment of liability under Section 18 of the Limitation Act, 1963 to extend the limitation period. The dismissal of the BIFR reference, relied upon by the Learned Counsel for the Appellant, is also dated 04.05.2016 which is beyond three years form the date of default. - The Ld. Adjudicating Authority has rightly dismissed the Application filed under Section 7 of the Code, as barred by limitation - AT

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