Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (3) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (3) TMI 1209 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - time limitation - existence of debt and dispute or not - HELD THAT:- In view of section 238A of the IBC, 2016 mandating the application of the Limitation Act to the proceedings before this Tribunal and there being an acknowledgment of debt on the part of the corporate debtor in excess of ₹ 1,00,000 in its financial statement for the year ended March 31, 2018 thereby holding out to all the stakeholders as to the "true and fair" financial status of the corporate debtor as on the said date, the claim is not barred by limitation. Also, despite proceedings pending before the Debts Recovery Tribunal, this Tribunal designated as an Adjudicating Authority in relation to corporate persons under the I and B Code, 2016 can entertain an application filed by a financial creditor in case of a "financial debt" and "default in existence" and in the circumstances we are unable to consider the said ground having any force. The application as filed by the applicant-financial creditor is required to be admitted under section 7(5) of the I and B Code, 2016 - Petition admitted - moratorium declared.
|