Initiation of CIRP - Period of limitation - Article 137 of the ...

Corporate Insolvency Resolution Process Denied as Section 9 Application Filed Beyond Article 137 Limitation Period.

May 26, 2022

Case Laws     Insolvency and Bankruptcy     AT

Initiation of CIRP - Period of limitation - Article 137 of the Limitation Act, 1963 - Under Article 137, time from which period begins to run is “when the right to apply accrues” the right to apply accrues when invoices issued by the Appellant to the Corporate Debtor were not paid. Invoices on the basis of which payment is claimed are more than three years earlier from the date of filing of Section 9 Application which is the basis for rejection of the Application of the Appellant by the Adjudicating Authority. - AT

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