M/s. Stressed Assets Stabilization Fund, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Skylead Chemicals Ltd, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The alleged default amount was Rs. 90,60,22,736/-. The date of default was noted as 19.04.2004, and the application was filed on 25.01.2019, which is approximately fifteen years after the default date. The Financial Creditor produced a letter of acknowledgement, but it was beyond the three-year limitation period. The key fact is the significant delay between the date of default and the filing of the application, which raised the issue of limitation.

M/s. Stressed Assets Stabilization Fund, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Skylead Chemicals Ltd, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The alleged default amount was Rs. 90,60,22,736/-. The date of default was noted as 19.04.2004, and the application was filed on 25.01.2019, which is approximately fifteen years after the default date. The Financial Creditor produced a letter of acknowledgement, but it was beyond the three-year limitation period. The key fact is the significant delay between the date of default and the filing of the application, which raised the issue of limitation.