TMI Blog2020 (11) TMI 1063X X X X Extracts X X X X X X X X Extracts X X X X ..... lea of extension of limitation. The date of default being 1st July, 2001, the cause of action would not shift and therefore, limitation for initiating Corporate Insolvency Resolution Process would commence from the date of default - Subsequent restructuring of debt vide negotiated settlement which admittedly aborted and failed, would not give a fresh cause of action to Appellant. Such plea would n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Virtual Mode This appeal is directed against the impugned order dated 18th March, 2020 passed by the Adjudicating Authority (National Company Law Tribunal), Court-III, Special Bench, Mumbai in CP IB-902/I BP/MB/2019 by virtue whereof the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ( I B Code for short) filed by the Appellant- Stressed Assets Stabilization Fund ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... extension of limitation. The date of default being 1st July, 2001, the cause of action would not shift and therefore, limitation for initiating Corporate Insolvency Resolution Process would commence from the date of default. 4. Subsequent restructuring of debt vide negotiated settlement which admittedly aborted and failed, would not give a fresh cause of action to Appellant. Such plea would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count being declared NPA the date of default would be the date when the account was declared as NPA. 6. We find no merit in this appeal. The same is dismissed. However, we make it clear that the dismissal of this appeal will not preclude the Appellant from seeking appropriate legal remedy before the Competent Forum for recovery of the amount. - - TaxTMI - TMITax - Insolvency & Bankruptc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
