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

Suspended director challenges time-barred debt; NCLAT remands case for reconsideration, citing natural justice principles.

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.

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

Suspended director challenges time-barred debt; NCLAT remands case for reconsideration, citing natural justice principles.

March 13, 2024

Case Laws Insolvency and Bankruptcy AT

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