Financial debt established through ledger entries and corporate ...

Financial debt admitted by corporate debtor, limitation extended by repayment promise. Section 10A inapplicable. Promise to allot property unenforceable.

November 18, 2024

Case Laws IBC AT

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 25(3) of Contract Act, extending limitation period. Application not barred by Section 10A as default occurred prior to suspension period. Corporate debtor's promise to allot residential premises instead of repaying debt held unenforceable, not extinguishing financial debt. Adjudicating Authority's order admitting Section 7 application upheld, appeal dismissed.

View Source

← Previous Next →

Financial debt established through ledger entries and corporate ...

Financial debt admitted by corporate debtor, limitation extended by repayment promise. Section 10A inapplicable. Promise to allot property unenforceable.

November 18, 2024

Case Laws IBC AT

You may also like:

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...

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

NCLAT upheld NCLT's decision to admit Corporate Debtor into CIRP under Section 7 of IBC, 2016. The Corporate Debtor's challenge regarding improper notice service was...

The Corporate Debtor denied the existence of a loan agreement with 12% interest, as claimed by the Financial Creditor in the Section 7 application. To qualify as a...

This legal summary concerns the maintainability of a Section 7 application for initiating the Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor....

Financial Creditors - The disbursal was made by CDR Lenders to the Corporate Debtor and the Appellant(s) were Personal Guarantors/ Corporate Guarantors to guarantee the...

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...

The Appellant challenged the admission of the Section 7 application filed by the Financial Creditor, contending no debt was due as the application was premature. The...

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

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

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

The National Company Law Appellate Tribunal, Principal Bench, New Delhi, addressed the admissibility of a second petition u/s 7 of the Insolvency and Bankruptcy Code,...

Initiation of CIRP - Period of limitation - to be recognized from the date of NPA or Balance Sheet recognizing the debt - An application under Section 7 of the IBC would...

The appellant lacked locus standi to challenge the admission order passed by the Adjudicating Authority on a Section 7 application filed by SREI Equipment Finance...

The Appellate Tribunal affirmed the decision to exclude the Appellant and other unsecured Financial Creditors from the Committee of Creditors (CoC). The key issues were...

Quick Updates: