State Bank of India, as the Financial Creditor, filed an appeal against an order dated 2020-09-16 passed by the Adjudicating Authority (National Company Law Tribunal), Indore Bench at Ahmedabad, Court-1. The application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was rejected on the grounds of limitation. The appellant argued that an acknowledgment from the Corporate Debtor, in the form of a revival letter extending the period of limitation, was overlooked by the Adjudicating Authority.
State Bank of India (SBI), as a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) before the National Company Law Tribunal (NCLT), Indore Bench. The NCLT rejected the application, citing it was barred by limitation. SBI appealed this decision to the National Company Law Appellate Tribunal (NCLAT). The appeal was against an order dated 2020-09-16. SBI argued that a One Time Settlement (OTS) proposal from Krishidhan Seeds Pvt. Ltd. (Corporate Debtor) constituted an acknowledgment of debt, extending the limitation period. The date of default was recorded as June 10, 2014, in the application filed before the Adjudicating Authority. SBI had also approached the Debts Recovery Tribunal on October 20, 2015, based on
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The date of default is recorded as June 10,…
The Financial Creditor, State Bank of India,…
State Bank of India, as the Financial Creditor, filed an appeal against an order dated 2020-09-16 passed by the Adjudicating Authority (National Company Law Tribunal), Indore Bench at Ahmedabad, Court-1. The application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was rejected on the grounds of limitation. The appellant argued that an acknowledgment from the Corporate Debtor, in the form of a revival letter extending the period of limitation, was overlooked by the Adjudicating Authority.
State Bank of India (SBI), as a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) before the National Company Law Tribunal (NCLT), Indore Bench. The NCLT rejected the application, citing it was barred by limitation. SBI appealed this decision to the National Company Law Appellate Tribunal (NCLAT). The appeal was against an order dated 2020-09-16. SBI argued that a One Time Settlement (OTS) proposal from Krishidhan Seeds Pvt. Ltd. (Corporate Debtor) constituted an acknowledgment of debt, extending the limitation period. The date of default was recorded as June 10, 2014, in the application filed before the Adjudicating Authority. SBI had also approached the Debts Recovery Tribunal on October 20, 2015, based on
…The date of default is recorded as June 10,…
The Financial Creditor, State Bank of India,…