The 'M/s. Bank of India' (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against 'M/s. Sainath Estates Private Limited' (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad, admitted the application via an order dated 8th July, 2019. The appellant, representing the shareholder, argued that the application under Section 7 was barred by limitation. The respondent argued that the application was not barred by limitation because the corporate debtor acknowledged the debt through letters and part payments.
M/s. Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against M/s. Sainath Estates Private Limited, the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, admitted the application via an order dated 8th July, 2019. The Corporate Debtor availed a loan on 20th August, 2010, from the Financial Creditor. A notice was issued under Section 13(2) of the SARFAESI Act, 2002, but no action was taken against the Corporate Debtor. The Corporate Debtor allegedly had no option but to provide confirmation of debt on 5th March, 2018, which the appellant argued was in violation of Section 25 of the Indian
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The 'M/s. Bank of India' (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against 'M/s. Sainath Estates Private Limited' (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad, admitted the application via an order dated 8th July, 2019. The appellant, representing the shareholder, argued that the application under Section 7 was barred by limitation. The respondent argued that the application was not barred by limitation because the corporate debtor acknowledged the debt through letters and part payments.
M/s. Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against M/s. Sainath Estates Private Limited, the Corporate Debtor. The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, admitted the application via an order dated 8th July, 2019. The Corporate Debtor availed a loan on 20th August, 2010, from the Financial Creditor. A notice was issued under Section 13(2) of the SARFAESI Act, 2002, but no action was taken against the Corporate Debtor. The Corporate Debtor allegedly had no option but to provide confirmation of debt on 5th March, 2018, which the appellant argued was in violation of Section 25 of the Indian
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Notice issued under…