Indian Overseas Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Subhashri Bio Energies (P) Ltd, claiming a default of Rs.137,58,62,899.74. The Corporate Debtor contested the application, arguing it was barred by limitation, as the account was declared NPA on 30.07.2005, and the application was filed after a lapse of 14 years. The Financial Creditor argued that the Corporate Debtor acknowledged its liabilities through Revival Letters and correspondences, extending the period of limitation.
Indian Overseas Bank (the Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Subhashri Bio Energies (P) Ltd (the Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor had defaulted on a financial debt of Rs.137,58,62,899.74. The Corporate Debtor argued that the application was barred by limitation, as the account was declared NPA on 30.07.2005, and the application was filed after a lapse of 14 years. The Financial Creditor submitted that the Corporate Debtor had acknowledged its liabilities through Revival Letters and correspondences, extending the period of limitation. The Corporate Debtor had availed financial facilities
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The Corporate Debtor…
The date of NPA was backdated to comply with…
Indian Overseas Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Subhashri Bio Energies (P) Ltd, claiming a default of Rs.137,58,62,899.74. The Corporate Debtor contested the application, arguing it was barred by limitation, as the account was declared NPA on 30.07.2005, and the application was filed after a lapse of 14 years. The Financial Creditor argued that the Corporate Debtor acknowledged its liabilities through Revival Letters and correspondences, extending the period of limitation.
Indian Overseas Bank (the Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Subhashri Bio Energies (P) Ltd (the Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor had defaulted on a financial debt of Rs.137,58,62,899.74. The Corporate Debtor argued that the application was barred by limitation, as the account was declared NPA on 30.07.2005, and the application was filed after a lapse of 14 years. The Financial Creditor submitted that the Corporate Debtor had acknowledged its liabilities through Revival Letters and correspondences, extending the period of limitation. The Corporate Debtor had availed financial facilities
…The Corporate Debtor…
The date of NPA was backdated to comply with…