Debt acknowledgment prior to limitation expiry, legal exercise ...

Debt revival by acknowledgment upheld, restructuring revocation allowed on default, malice unproven, liability reinstatement clause valid.

October 14, 2024

Case Laws IBC AT

Debt acknowledgment prior to limitation expiry, legal exercise of restructuring revocation upon default, compliance with circulars substantiated, unsubstantiated allegations of malice, explicit restructuring clause allowing liability reinstatement, discretion exercised per Supreme Court precedents, admitted facts and evidence upholding CIRP initiation order, appeal dismissed.

View Source

← Previous Next →

Debt acknowledgment prior to limitation expiry, legal exercise ...

Debt revival by acknowledgment upheld, restructuring revocation allowed on default, malice unproven, liability reinstatement clause valid.

October 14, 2024

Case Laws IBC AT

You may also like:

Corporate debtor defaulted in repaying financial debt owed to financial creditor. NCLAT dismissed appeal, upholding orders of adjudicating authority. Transaction...

The appellant challenged the dismissal of its application filed u/s 7 of the Code by the Adjudicating Authority. The key issues were: existence of debt and default,...

The National Company Law Appellate Tribunal (NCLAT) dismissed the appeal, upholding the order admitting the Section 7 application filed by ICICI Bank against the...

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 proceedings was challenged on the ground of limitation, which was rejected by the Adjudicating Authority and NCLAT based on the acknowledgement of...

Fraudulent initiation of insolvency proceedings by the Operational Creditor in collusion with the Corporate Debtor - When the date of default given by Operational...

Existence of financial debt established through acknowledgment of part payments and promise to pay next installment. Section 10A bar not applicable as default occurred...

Initiation of CIRP - Date of default - Existence of restructuring proposals - NCLT admitted the application u/s 7 - The Tribunal found that the restructuring proposals...

Initiation of CIRP - liability of Guarantor of loan - acknowledgment of debt by the Principal Borrower shall be binding on the Guarantor or not - The Tribunal found no...

Initiation of CIRP - Period of limitation - It is clear that on the day of filing the petition U/S 7 of the Code, there was a subsisting liability on the corporate...

Initiation of CIRP - Existence of a financial debt - Assignment of debt- The Appellate Tribunal (NCLAT) upheld the Adjudicating Authority’s findings, agreeing that: The...

CIRP - Neither the Section of law nor the Regulation says that the claim of a debt can be made only when there is a default. The debt and default would be a sine qua non...

Bad debts in respect of chit groups - Bad debts can be allowed to the extent of instalments defaulted by the prized subscribers and written off as bad debt - AT

Admission of Section 7 Application - CIRP - The case involved an appeal by a suspended director of a corporate debtor against the admission of a Section 7 application by...

Initiation of CIRP - The debt has been defined in Section 3(11) means a liability or obligation in respect of a claim which is due from any person and includes a...

Quick Updates: