Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
IBC - Highlights / Catch Notes

Home Highlights December 2021 Year 2021 This

Initiation of CIRP - The learned Adjudicating Authority has ...


Authority Misinterprets MD's Letter; No Debt Acknowledgment for Creditor u/s 18 Limitation Act in CIRP Case.

December 11, 2021

Case Laws     Insolvency and Bankruptcy     AT

Initiation of CIRP - The learned Adjudicating Authority has taken an erroneous view of the matter and on evaluating the letter of the Managing Director of the Corporate Debtor as an acknowledgement of the debt - the said letter was not within limits so that the operational Creditor could claim the benefit of Section 18 of the Limitation Act. - AT

View Source

 


 

You may also like:

  1. The appeal challenged the admittance of a Section 95 application filed by the Financial Creditor, contending it was time-barred. The key issue was whether a letter dated...

  2. Initiation of CIRP - Period of limitation -acknowledgement of debts in the Balance Sheet - the acknowledgement in Balance Sheet for FY 2016-17, relied upon by the...

  3. Admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016, concerning the classification of a debt as a Financial Debt within the meaning of...

  4. Initiation of CIRP - Period of limitation - It is clear that on the day of filing the petition U/S 7 of the Code, there was a subsisting liability on the corporate...

  5. The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

  6. CIRP - Period of limitation - When the acknowledgment is unequivocal and Auditor’s opinion in any manner does not detract it from being an acknowledgment under Section...

  7. The appellant challenged the dismissal of its application filed u/s 7 of the Code by the Adjudicating Authority. The key issues were: existence of debt and default,...

  8. The Appellant challenged the admission of the Section 7 application filed by the Financial Creditor, contending no debt was due as the application was premature. The...

  9. Corporate debtor defaulted in repaying financial debt owed to financial creditor. NCLAT dismissed appeal, upholding orders of adjudicating authority. Transaction...

  10. Initiation of CIRP proceedings was challenged on the ground of limitation, which was rejected by the Adjudicating Authority and NCLAT based on the acknowledgement of...

  11. Initiation of CIRP - Operational Creditors - existence of debt and dispute or not - The mere fact that the e-mail was received that the matter shall be looked into. The...

  12. Section 53(1) of the Insolvency and Bankruptcy Code (IBC) provides for the order of priority in the distribution of liquidation assets. Financial debts owed to unsecured...

  13. Initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - barred by time limitation or...

  14. Fraudulent initiation of insolvency proceedings by the Operational Creditor in collusion with the Corporate Debtor - When the date of default given by Operational...

  15. Initiation of CIRP - liability of Guarantor of loan - acknowledgment of debt by the Principal Borrower shall be binding on the Guarantor or not - The Tribunal found no...

 

Quick Updates:Latest Updates