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.

Case Laws IBC

November 18, 2024

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.

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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.

Case Laws IBC

November 18, 2024

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