Admission of Section 7 petition - time barred debt or not - The ...

March 13, 2024

Case Laws Insolvency and Bankruptcy AT

Admission of Section 7 petition - time barred debt or not - The appellant, a suspended director of the corporate debtor, challenges the admission of the petition, arguing that the debt claimed is time-barred. The respondent financial creditor contends that the debt acknowledgment was made by the corporate debtor in its financial statements. The NCLAT found that the appellant was not given a fair opportunity to contest the submissions made by the respondent and consequently set aside the impugned order, remanding the matter back for reconsideration with proper adherence to principles of natural justice.

View Source

← Previous Next →

Admission of Section 7 petition - time barred debt or not - The ...

March 13, 2024

Case Laws Insolvency and Bankruptcy AT

You may also like:

Entitlement to file an appeal as an Independent Director in the Corporate Debtor - The appellant, an erstwhile director of the corporate debtor, challenged the admission...

Ex-parte order - Principles of Natural Justice - When Corporate Debtor is a Company where there are more Directors rather than only one as can be seen from the Balance...

Dishonour of Cheque - Continuation of proceedings during moratorium period - vicarious liability of director - proceedings under Section 138 or 141 of the NI Act -...

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...

Initiation of CIRP - The corporate debtor has tried to challenge the genuinely of the corporate guarantee agreement but the same is a lame excuse. It seems that...

CIRP - bonafide nature of the transactions or not - recovery from the ex-directors of the corporate debtor - forensic and transaction audit of the corporate debtor was...

Liquidation of Corporate Debtor - no resolution plan was received during the CIRP proceedings - The Adjudicating Authority has rightly observed that even after pushing...

Rejection of the simultaneous claim by the Resolution Professional of the Corporate Debtor - Claim filed by the Applicant with respect to the corporate guarantee given...

CIRP admitted - locus of shareholder of the Corporate Debtor - prima-facie there is no specific law which allows any shareholder of the Corporate Debtor to challenge the...

The National Company Law Appellate Tribunal, Principal Bench, New Delhi, addressed the validity of the admission of a section 7 application in a Corporate Insolvency...

Liquidation of Corporate Debtor - mode of sale - public auction - Section 33 of IBC - The order passed by the Adjudicating Authority approving the private sale of the...

Sale of assets of Corporate debtors - Validity of order of NCLAT permitting the Private Sale of the composite assets of the Corporate Debtor instead of taking the Second...

Right to claim over property occupied by the Corporate Debtor - Even though the object behind imposing moratorium under section 14 of IB Code, is to prevent depletion of...

Corporate insolvency resolution process (CIRP) initiated against corporate debtor and corporate guarantor. Financial creditor granted loan to corporate debtor, secured...

Liquidation of the Corporate Debtor / Company - Aggrieved Person - Members of the suspended Board of Directors - Considering the fact that the Appellant / Petitioner who...

Quick Updates: