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IBC - Highlights / Catch Notes

Home Highlights July 2022 Year 2022 This

Initiation of CIRP - NCLT rejected the application - NPA - ...

Insolvency and Bankruptcy

July 25, 2022

Initiation of CIRP - NCLT rejected the application - NPA - Period of limitation - NCLT that, a statement contained in the balance sheet cannot be treated as an acknowledgement of liability under Section 18 of the Limitation Act - Proposal of OTS is older than 3 months - the position of law has been set at rest. Neither the NCLT nor the NCLAT had the benefit of adjudicating upon the factual controversy in the context of the decisions of this Court. - Matter restored back for re-adjudication - SC

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