The appeal was filed against the order dated 09.02.2023 passed by the National Company Law Tribunal, Mumbai Bench, Court II, which dismissed a petition filed by the Appellant under Section 7 of the Insolvency & Bankruptcy Code, 2016, against the Corporate Debtor, Shri Sai Kripa Sugars and Allied Industries Ltd., for the resolution of an amount of Rs. 90,71,78,954/- on the ground of limitation. The petition under Section 7 of the Code was filed on 16.02.2018. Another Operational Creditor had filed a winding-up petition before the Hon'ble Bombay High Court, and a Liquidator was appointed in 2017. The Respondent did not appear, but Dharam Raj, company Prosecutor-cum-Official Liquidator, appointed in Company Petition 08/2017 by the Hon'ble Bombay High Court, appeared
…The Indian Renewable Energy Development Agency Ltd. filed an appeal against the order of the National Company Law Tribunal (NCLT), Mumbai Bench, which dismissed its petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC). The petition sought resolution of a debt amounting to Rs. 90,71,78,954/- from the Corporate Debtor, Shri Sai Kripa Sugars and Allied Industries Ltd. The NCLT dismissed the petition on the ground of limitation. The Section 7 petition was originally filed on 16.02.2018. The Appellant argued that the date of default was 31.12.2012, and the limitation period should be calculated from that date. The Appellant also submitted balance sheets of the Respondent as evidence of acknowledgement of debt, even though these were not initially
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The appeal was filed against the order dated 09.02.2023 passed by the National Company Law Tribunal, Mumbai Bench, Court II, which dismissed a petition filed by the Appellant under Section 7 of the Insolvency & Bankruptcy Code, 2016, against the Corporate Debtor, Shri Sai Kripa Sugars and Allied Industries Ltd., for the resolution of an amount of Rs. 90,71,78,954/- on the ground of limitation. The petition under Section 7 of the Code was filed on 16.02.2018. Another Operational Creditor had filed a winding-up petition before the Hon'ble Bombay High Court, and a Liquidator was appointed in 2017. The Respondent did not appear, but Dharam Raj, company Prosecutor-cum-Official Liquidator, appointed in Company Petition 08/2017 by the Hon'ble Bombay High Court, appeared
…The Indian Renewable Energy Development Agency Ltd. filed an appeal against the order of the National Company Law Tribunal (NCLT), Mumbai Bench, which dismissed its petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC). The petition sought resolution of a debt amounting to Rs. 90,71,78,954/- from the Corporate Debtor, Shri Sai Kripa Sugars and Allied Industries Ltd. The NCLT dismissed the petition on the ground of limitation. The Section 7 petition was originally filed on 16.02.2018. The Appellant argued that the date of default was 31.12.2012, and the limitation period should be calculated from that date. The Appellant also submitted balance sheets of the Respondent as evidence of acknowledgement of debt, even though these were not initially
…Liquidator was appointed in the year 2017 in…
The petition under…
Sign in to view related legal provisions.