Court Upholds CIRP Application as Maintainable; Debt Default Confirmed in 2018 Balance Sheet, Not NPA in 2013.

Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - Whether the debt is beyond 3 years from the date of declaration of the amount of corporate debt as NPA in 2013. -In our considered view, such plea stands on no legs for the simple reason that the default which has been shown in the balance sheet of financial year-ended 31-3-2018 is not running from March 2013 or earlier. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X