This case involves a challenge to an Impugned Order dated 24/03/2023 in CP(IB) No. 574/7/HDB/2019, passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, which admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appellant, D. Srinivasa Rao, argued that the application was barred by limitation, as the default occurred on 01/04/1997, and no acknowledgements were made before the expiry of the limitation period. The respondents, Stressed Assets Stabilisation Fund and PriyaranjaniFiber Limited, contended that the limitation period was extended due to various OTS proposals and the SICA moratorium.
The Corporate Debtor defaulted on 01/04/1997. An OA 222/2000 was filed on 01/02/2000. The Corporate Debtor approached BIFR under Section 15 (1) of the SICA Act, 2002, on 13/09/2001. IDBI was appointed as the Operating Agency under Section 16(2) of the Act on 17/09/2002. The Corporate Debtor was declared a sick industry by BIFR under Section 3 (1) (o) of the Act on 27/12/2004. A Debt Recovery Certificate was issued by the DRT on 19/11/2009. The Corporate Debtor acknowledged making certain payments in a letter dated 16/02/2010. BIFR dismissed the Application of the Corporate Debtor on 22/11/2011. AIFR granted a stay of proceedings on 21/02/2012. The SICA Act was repealed on 01/12/2016. The Corporate Debtor did not move any Application within 180 days for continuation of
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The Corporate…
OA 222/20…
This case involves a challenge to an Impugned Order dated 24/03/2023 in CP(IB) No. 574/7/HDB/2019, passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, which admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appellant, D. Srinivasa Rao, argued that the application was barred by limitation, as the default occurred on 01/04/1997, and no acknowledgements were made before the expiry of the limitation period. The respondents, Stressed Assets Stabilisation Fund and PriyaranjaniFiber Limited, contended that the limitation period was extended due to various OTS proposals and the SICA moratorium.
The Corporate Debtor defaulted on 01/04/1997. An OA 222/2000 was filed on 01/02/2000. The Corporate Debtor approached BIFR under Section 15 (1) of the SICA Act, 2002, on 13/09/2001. IDBI was appointed as the Operating Agency under Section 16(2) of the Act on 17/09/2002. The Corporate Debtor was declared a sick industry by BIFR under Section 3 (1) (o) of the Act on 27/12/2004. A Debt Recovery Certificate was issued by the DRT on 19/11/2009. The Corporate Debtor acknowledged making certain payments in a letter dated 16/02/2010. BIFR dismissed the Application of the Corporate Debtor on 22/11/2011. AIFR granted a stay of proceedings on 21/02/2012. The SICA Act was repealed on 01/12/2016. The Corporate Debtor did not move any Application within 180 days for continuation of
…The Corporate…
OA 222/20…