Dismissal of Section 9 for initiation of CIRP - Period of ...

Time-Barred Debt Blocks Insolvency Process: NCLAT Upholds Dismissal Due to Expired Limitation Period on Invoices.

March 7, 2024

Case Laws Insolvency and Bankruptcy AT

Dismissal of Section 9 for initiation of CIRP - Period of limitation - The Adjudicating Authority held that the debt was time-barred as per the Limitation Act. It noted that 26 out of 27 invoices submitted by the Operational Creditor were more than three years old from the date of filing the Section 9 application, and no subsequent acknowledgment of liability was provided to extend the limitation period. - The Tribunal (NCLAT) dismissed the appeal, affirming the Adjudicating Authority's order.

View Source

← Previous Next →

Dismissal of Section 9 for initiation of CIRP - Period of ...

Time-Barred Debt Blocks Insolvency Process: NCLAT Upholds Dismissal Due to Expired Limitation Period on Invoices.

March 7, 2024

Case Laws Insolvency and Bankruptcy AT

You may also like:

The case involves a Section 9 application to determine if payment for ten invoices by the Operational Creditor was time-barred and if a preexisting dispute existed. The...

Corporate Debtors failed to deliver housing units to allottees within stipulated time despite receiving payments. NCLAT rejected Corporate Debtors' contentions regarding...

NCLAT dismissed the appeal, finding the Section 94 insolvency petition was a deliberate attempt to obstruct lawful recovery proceedings. The Appellant, as a personal...

The Appellant contended that its claim should be treated as a secured debt u/s 30 of the Insolvency and Bankruptcy Code (IBC), rather than as an unsecured debt. However,...

Admission of Section 7 petition - time barred debt or not - The appellant, a suspended director of the corporate debtor, challenges the admission of the petition,...

NCLAT analyzed a complex insolvency resolution case involving an assignment agreement and Section 7 application. The Tribunal held that the assignment agreement is...

The National Company Law Appellate Tribunal (NCLAT) dismissed the appeal, upholding the order admitting the Section 7 application filed by ICICI Bank against the...

Financial debt established through ledger entries and corporate debtor's admission. Section 7 application not time-barred due to corporate debtor's promise to repay u/s...

Admission of section 7 application - financial debt owed by the Corporate Debtor or not - Home Buyers - The application was filed by respondents, who were allottees in a...

The court held that even if a debt is time-barred, the issuance of a cheque towards such debt creates a fresh legally enforceable liability u/s 25(3) of the Indian...

The NCLAT upheld the challenge process and negotiation process conducted by the Resolution Professional (RP) as per CIRP Regulations and Process Note. It held SRA...

Initiation of CIRP - Existence of a financial debt - Assignment of debt- The Appellate Tribunal (NCLAT) upheld the Adjudicating Authority’s findings, agreeing that: The...

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...

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...

NCLAT addressed a Section 7 IBC petition involving a real estate developer's insolvency proceedings. The Appellate Tribunal held that the petition was not time-barred...

Quick Updates: