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IBC - Highlights / Catch Notes

Home Highlights August 2021 Year 2021 This

Period of limitation for filing of Application for initiation of ...

Insolvency and Bankruptcy

August 7, 2021

Period of limitation for filing of Application for initiation of CIRP - an application under Section 7 of the IBC would not be barred by limitation, on the ground that it had been filed beyond a period of three years from the date of declaration of the loan account of the Corporate Debtor as NPA, if there were an acknowledgement of the debt by the Corporate Debtor before expiry of the period of limitation of three years, in which case the period of limitation would get extended by a further period of three years. - SC

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