Initiation of CIRP - Corporate Debtor failed to make repayment ...

Tribunal Confirms Debt Acknowledgement in 2016-17 Balance Sheet, Validates CIRP Initiation u/s 18 of Limitation Act.

April 20, 2022

Case Laws Insolvency and Bankruptcy AT

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 not - This Tribunal holds that ‘Debt’ has been duly acknowledged in the Balance Sheet for the Year 2016-17 which is also duly prepared and authenticated by the Auditors Report amounting to ‘Admission of Liability’ and, therefore, satisfies the requirements of liability for a valid acknowledgement under Section 18 of the Limitation Act, 1963. - AT

View Source

← Previous Next →

Initiation of CIRP - Corporate Debtor failed to make repayment ...

Tribunal Confirms Debt Acknowledgement in 2016-17 Balance Sheet, Validates CIRP Initiation u/s 18 of Limitation Act.

April 20, 2022

Case Laws Insolvency and Bankruptcy AT

You may also like:

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...

Initiation of CIRP - Period of limitation - it is well settled position of law that Annual Returns/Audited Balance Sheets can be referred to and relied on to see if...

Initiation of CIRP - NCLT rejected the application - Words ‘if any’ after the word interest clearly indicates that it is not mandatory that debt should be alongwith...

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...

Maintainability of application - initiation of CIRP - Period of limitation after default - the Adjudicating Authority relied on the balance sheet to hold that there was...

CIRP - Application filed u/s 7 of IBC dismissed on the ground of time limitation - After perusing the relevant balance sheets and director’s report, it is satisfied that...

The High Court held that once a resolution plan is approved u/s 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), only the debts specified in the resolution plan...

The NCLAT dismissed a Section 7 application by a Financial Creditor as time-barred. While acknowledging that balance sheet entries can extend limitation periods under...

Initiation of CIRP - Financial Debt or Operational Debt - existence of ‘Default’ or not - The contra views arrived at by the ‘Adjudicating Authority’ that the ‘Loan’ was...

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...

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...

The appellant wrongly relied upon the Amanjyot Singh case and changed stance during final arguments, having earlier contended the 26.05.2016 notice invoked personal...

Application filed u/s 9 of the Insolvency and Bankruptcy Code, 2016 regarding default in fabrication and erection of steel structure at the Corporate Debtor's plant in...

ITAT allowed appeal against addition made under Section 68 for alleged bogus share capital. Three share subscribers - Aakansha Advisory Services Pvt Ltd, Sunirmiti...

NCLAT affirmed the DRT's Section 7 application admission against the corporate debtor. The tribunal found multiple debt acknowledgments within the three-year limitation...

Quick Updates: