Initiation of CIRP - Period of limitation - Date of default - ...
Insolvency and Bankruptcy
July 7, 2023
Initiation of CIRP - Period of limitation - Date of default - breach of guarantee - The application u/s 7 was filed on the basis of breach of guarantee and inability of the ‘Corporate Debtor’ to repay the outstanding dues and therefore breach of guarantee date becomes the cause of action as well as the date of default as indicated in Part IV of the Application - Application was filed within 1 months from the date of default - Hence, averments of the ‘Appellant’ that the application was barred by limitation does not succeed. - AT
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