The appeal challenges the initiation of Corporate Insolvency Resolution Process (CIRP) by State Bank of India (Financial Creditor) against the Corporate Debtor. The appellant argues that the claim was barred by limitation as the default occurred in 2013. The CIRP was triggered by the Financial Creditor by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 on April 1, 2019. The account of the Corporate Debtor was classified as NPA on June 17, 2013.
The account of the Corporate Debtor was classified as NPA on June 17, 2013. The Financial Creditor, State Bank of India, initiated Corporate Insolvency Resolution Process (CIRP) by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 on April 1, 2019. The appellant contended that the claim was barred by limitation. The default occurred in 2013, and the application was filed more than three years after the default date. The Adjudicating Authority admitted the application, leading to the appeal. The key fact is the date of default and the date of application under Section 7, which determines whether the application was filed within the limitation period.
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The account of the…
The Financial Creditor filed an application…
The appeal challenges the initiation of Corporate Insolvency Resolution Process (CIRP) by State Bank of India (Financial Creditor) against the Corporate Debtor. The appellant argues that the claim was barred by limitation as the default occurred in 2013. The CIRP was triggered by the Financial Creditor by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 on April 1, 2019. The account of the Corporate Debtor was classified as NPA on June 17, 2013.
The account of the Corporate Debtor was classified as NPA on June 17, 2013. The Financial Creditor, State Bank of India, initiated Corporate Insolvency Resolution Process (CIRP) by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 on April 1, 2019. The appellant contended that the claim was barred by limitation. The default occurred in 2013, and the application was filed more than three years after the default date. The Adjudicating Authority admitted the application, leading to the appeal. The key fact is the date of default and the date of application under Section 7, which determines whether the application was filed within the limitation period.
The account of the…
The Financial Creditor filed an application…