Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (8) TMI 870 - NATIONAL COMPANY LAW TRIBUNAL, CUTTACK BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - Non-Performing Asset (NPA) - existence of debt and dispute or not - time limitation - HELD THAT:- The Hon'ble Apex Court in B.K. Educational Services Pvt. Ltd. Vs. Parag Gupta and Associates [2018 (10) TMI 777 - SUPREME COURT] where it was held that The right to sue therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of filing the application, the application would be barred under Article 137 of the Limitation Act, save and except in those cases where, in the facts of the case, Section 5 of the Limitation Act may be applied to condone the delay in filing such application. This application is hopelessly time barred - Application dismissed.
|