NCLAT affirmed the DRT's Section 7 application admission against ...

Debt Acknowledgments Validate Insolvency Proceedings Against Corporate Debtor Under Section 7 Within Prescribed Limitation Period

April 23, 2025

Case Laws IBC AT

NCLAT affirmed the DRT's Section 7 application admission against the corporate debtor. The tribunal found multiple debt acknowledgments within the three-year limitation period, specifically noting acknowledgments on 28.01.2014, 07.05.2014, and subsequent communications in 2016 and 2017. The court determined the application filed on 13.11.2019 was timely due to these acknowledgments. The Resolution Professional was authorized to proceed with Corporate Insolvency Resolution Process (CIRP), with interim orders vacated and the period from 29.08.2022 excluded from CIRP calculation. The appellant was directed to surrender corporate assets, having failed to make payments after 30.06.2015.

View Source

← Previous Next →

NCLAT affirmed the DRT's Section 7 application admission against ...

Debt Acknowledgments Validate Insolvency Proceedings Against Corporate Debtor Under Section 7 Within Prescribed Limitation Period

April 23, 2025

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...

CIRP Proceedings against the Personal Guarantors - the ‘Adjudicating Authority’ / ‘Tribunal’, has ‘jurisdiction’, to ‘entertain’/’initiate’, the ‘Insolvency Proceedings’...

Initiation of CIRP - NCLT admitted the application - NCLAT quashed the proceedings - Financial Creditors - Period of limitation - An acknowledgement made in writing...

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

The NCLAT upheld the admission of Section 7 application against the corporate debtor (corporate guarantor) despite the contention that its sole asset might be...

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...

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...

Corporate Debtors failed to deliver housing units to allottees within stipulated time despite receiving payments. NCLAT rejected Corporate Debtors' contentions regarding...

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...

The Corporate Debtor admitted outstanding operational debt owed to the Operational Creditor, citing adverse cash flow as the reason for non-payment, without attributing...

Initiation of insolvency resolution of a personal guarantor of the Corporate debtors - The law doesn't envisage that the insolvency resolution of the personal guarantor...

Admission of Section 95 application filed by the Financial Creditor - Personal Guarantor of the Corporate Debtor - date of default - Assignment of debt - unstamped...

Initiation of CIRP - Financial creditor within the meaning of sub-section (7) of Section 5 of the IBC - The Supreme Court affirmed the NCLAT’s judgment, holding that the...

Quick Updates: