Initiation of CIRP - Period of limitation - Date of default / ...

NCLT admits CIRP application despite 14-year-old default due to ongoing default, SICA suspension, and balance sheet acknowledgment.

August 8, 2022

Case Laws Insolvency and Bankruptcy AT

Initiation of CIRP - Period of limitation - Date of default / NPA is 14 years old - ongoing default of the corporate debtor under the NCD Facility and suspension of the legal proceedings under SICA and acknowledgment made under the Balance Sheet - NCLT rightly admitted the application - AT

View Source

← Previous Next →

Initiation of CIRP - Period of limitation - Date of default / ...

NCLT admits CIRP application despite 14-year-old default due to ongoing default, SICA suspension, and balance sheet acknowledgment.

August 8, 2022

Case Laws Insolvency and Bankruptcy AT

You may also like:

Initiation of CIRP - time barred debt or not - Corporate Debtor had tacitly ‘Acknowledged’, its ‘Debt’ / ‘Liability’, in its ‘Balance Sheets’, for the Year ending...

Initiation of CIRP - pre-existing dispute or not - NCLT rejected the application - NCLAT allowed the application admitting the additional evidences - the impugned order...

Admission of section 7 application - initiation of CIRP against the Corporate Debtor - existence of debt and default or not - When the Financial Creditor had repeatedly...

Initiation of CIRP - NCLT admitted the application - Power of NCLT to refuse the application - Refusal of banks to extend the Bank Guarantees of the Corporate debtor - ,...

HC determined that a petition under IBC Section 10-A was not maintainable where default continued beyond the COVID-19 moratorium period. While Section 10-A prohibits...

CIRP process - Financial Creditors - In the present case, the Bank has not acted fairly - It was omission or commission of the Bank in not refunding the facility fee to...

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...

Initiation of CIRP u/s 7 - NCLT / NCLAT admitted the application - time limitation - A request for one time settlement (OTC) was made - The NCLT treated this letter to...

Initiation of CIRP - Dues towards stock exchange - Financial debts / Financial Service Provider - Validity of order of NCLT admitting the application of the Ex-Directors...

Seeking release of the corporate debtor from the rigours of CIRP - NCLT closed the CIRP proceedings despite the stay order by NCLAT against withdrawal Order - The...

Initiation of CIRP - NCLT admitted the application - The event of default had not occurred with Principal Loan, the event of default did occur for Additional Loan and...

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 - NCLT returned the application of the Financial Creditor instead of adjudicating on the Company petition - the Appellant has issued a demand notice...

The ITAT held that the assessment years 2009-10, 2010-11 and 2011-12 were beyond the 10-year limitation period u/s 153C read with Explanation-1 to section 153A. Hence,...

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...

Quick Updates: