Application for resolution of debt filed u/s 7 was contested on ...

Limitation period restarted with debt acknowledgement; Application for resolution held valid.

Case Laws IBC

November 7, 2024

Application for resolution of debt filed u/s 7 was contested on grounds of limitation prescribed under Article 137 of Limitation Act, 1963. Accounts declared non-performing assets on 31.03.2015, but corporate debtor acknowledged liability by making payment of Rs. 2.65 crore in December 2016, restarting limitation period from that date u/ss 18 and 19. Application filed in 2018 was well within three-year limitation period from December 2016 acknowledgement. Tribunal erred in examining limitation issue. Appellate Tribunal set aside impugned order and remanded matter back to Tribunal.

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Application for resolution of debt filed u/s 7 was contested on ...

Limitation period restarted with debt acknowledgement; Application for resolution held valid.

Case Laws IBC

November 7, 2024

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