Initiation of CIRP - it is established rule that when a party ...

Insolvency and Bankruptcy

August 16, 2021

Initiation of CIRP - it is established rule that when a party issues acknowledgment of its liability in writing the period of limitation starts afresh. Therefore, the Bench has no doubt that the respondent unequivocal admission of liability negates the contention of the petitioner that the claim is time barred - the Bench is of clear view that there is a debt in terms of Section 5(21) of Code and there is a default in terms of Section 3(12) of Code are clearly established and the debt is also within limitation. - Tri

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Initiation of CIRP - it is established rule that when a party ...

Insolvency and Bankruptcy

August 16, 2021

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