This is a review application filed against the judgment dated 05.03.2020 in Company Appeal (AT)(Insolvency) No. 848 of 2019. The applicant seeks a review based on an alleged error apparent on the face of the record. The core issue revolves around the date of default and whether the application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was filed within the limitation period. The applicant contends that the original date of default was November 2012, and the application was filed beyond the three-year limitation period. The Tribunal had previously held that the application was within the limitation period, relying on an acknowledgment of debt from a subsequent date.
Deepakk Kumar, Director of M/s Sovereign Infrastructure & Developers Ltd., filed a review application against the judgment dated 05.03.2020 in Company Appeal (AT)(Insolvency) No. 848 of 2019. The appeal was originally filed by Phoenix ARC Pvt. Ltd. (Trustee of Phoenix Trust FY 16-15 Scheme B) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The applicant contends that the application under Section 7 was filed beyond the period of limitation. The original date of default was November 2012, and the application was filed on 05.09.2018, which is beyond the three-year limitation period. The Tribunal had previously held that the application was within the limitation period, relying on an acknowledgment of debt from a subsequent date, specifically 9.6.2016,
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The applicant contends…
An ‘Acceptance of Loan Assignment Agreement'…
This is a review application filed against the judgment dated 05.03.2020 in Company Appeal (AT)(Insolvency) No. 848 of 2019. The applicant seeks a review based on an alleged error apparent on the face of the record. The core issue revolves around the date of default and whether the application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was filed within the limitation period. The applicant contends that the original date of default was November 2012, and the application was filed beyond the three-year limitation period. The Tribunal had previously held that the application was within the limitation period, relying on an acknowledgment of debt from a subsequent date.
Deepakk Kumar, Director of M/s Sovereign Infrastructure & Developers Ltd., filed a review application against the judgment dated 05.03.2020 in Company Appeal (AT)(Insolvency) No. 848 of 2019. The appeal was originally filed by Phoenix ARC Pvt. Ltd. (Trustee of Phoenix Trust FY 16-15 Scheme B) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The applicant contends that the application under Section 7 was filed beyond the period of limitation. The original date of default was November 2012, and the application was filed on 05.09.2018, which is beyond the three-year limitation period. The Tribunal had previously held that the application was within the limitation period, relying on an acknowledgment of debt from a subsequent date, specifically 9.6.2016,
…The applicant contends…
An ‘Acceptance of Loan Assignment Agreement'…