Initiation of CIRP - Period of Limitation - Exclusion of certain ...
Insolvency and Bankruptcy
May 27, 2022
Initiation of CIRP - Period of Limitation - Exclusion of certain period - NCLT rejected the application - The Adjudicating Authority has committed error in rejecting the Application filed under Section 9 by the Appellant as barred by time. A perusal of the order of the Adjudicating Authority indicates that only two grounds were considered by the Adjudicating Authority, that is, Application having barred by time and pre-existing dispute as raised by the Corporate Debtor - matter is remitted to the Adjudicating Authority to pass an order of admission on Section 9 Application after giving an opportunity to the parties to enter into settlement. - AT
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