The case involves an application (I.A.No.119 of 2021) filed by Visakha Prime Properties Constructions Limited (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the dismissal of a Company Petition (CP (IB) No.82/7/AMR/2020) filed by ASREC (India) Limited (Financial Creditor) for the initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor argues that the Company Petition is barred by limitation, as the Corporate Debtor was declared as NPA on 30.06.2002, and the petition was filed on 05.06.2020, exceeding the three-year limitation period under Article 137 of the Limitation Act. The Financial Creditor contends that the limitation period should be extended due to the ongoing proceedings before the
…M/s. Visakha Prime Properties Constructions Limited (Corporate Debtor) had a loan sanctioned by UCO Bank, which was later declared as NPA on 30.06.2002 due to default. UCO Bank filed O.A.No.36/2003 before the Debts Recovery Tribunal (DRT) to recover the dues. Subsequently, UCO Bank assigned the debt to M/s. ASREC (India) Limited (Financial Creditor). The DRT proceedings are still pending. The Corporate Debtor filed a Writ Petition before the Hon'ble High Court challenging the DRT orders, which was disposed of on 20.11.2019. The Financial Creditor filed a Company Petition (CP (IB) No.82/7/AMR/2020) under Section 7 of the IBC on 05.06.2020, seeking initiation of CIRP against the Corporate Debtor. The Corporate Debtor filed an application (I.A.No.119 of 2021) seeking
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The Corporate Debtor…
UCO Bank filed…
The case involves an application (I.A.No.119 of 2021) filed by Visakha Prime Properties Constructions Limited (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the dismissal of a Company Petition (CP (IB) No.82/7/AMR/2020) filed by ASREC (India) Limited (Financial Creditor) for the initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor argues that the Company Petition is barred by limitation, as the Corporate Debtor was declared as NPA on 30.06.2002, and the petition was filed on 05.06.2020, exceeding the three-year limitation period under Article 137 of the Limitation Act. The Financial Creditor contends that the limitation period should be extended due to the ongoing proceedings before the
…M/s. Visakha Prime Properties Constructions Limited (Corporate Debtor) had a loan sanctioned by UCO Bank, which was later declared as NPA on 30.06.2002 due to default. UCO Bank filed O.A.No.36/2003 before the Debts Recovery Tribunal (DRT) to recover the dues. Subsequently, UCO Bank assigned the debt to M/s. ASREC (India) Limited (Financial Creditor). The DRT proceedings are still pending. The Corporate Debtor filed a Writ Petition before the Hon'ble High Court challenging the DRT orders, which was disposed of on 20.11.2019. The Financial Creditor filed a Company Petition (CP (IB) No.82/7/AMR/2020) under Section 7 of the IBC on 05.06.2020, seeking initiation of CIRP against the Corporate Debtor. The Corporate Debtor filed an application (I.A.No.119 of 2021) seeking
…The Corporate Debtor…
UCO Bank filed…