The case revolves around the applicability of Section 18 of the Limitation Act to proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC). Corporate Power Ltd. availed a loan in 2009 for a thermal power project in Jharkhand. The account was declared a non-performing asset by SBI on 2013-07-31. SBI issued a loan-recall notice on 2015-03-27. The debts were assigned to Asset Reconstruction Company (India) Limited. The appellant issued a notice under Section 13(2) of the SARFAESI Act on 2015-06-20 and took physical possession of the project assets on 2016-06-01. An application under Section 7 of the IBC was filed before the NCLT on 2018-12-26. The NCLT admitted the Section 7 application on 2020-02-19, observing that the balance sheets of the corporate
…In 2009, Corporate Power Ltd. set up a thermal power project in Jharkhand and availed of loan facilities. The account of the corporate debtor was declared a non-performing asset by SBI on 2013-07-31. On 2015-03-27, SBI issued a loan-recall notice. On 2015-03-31, some of the original lenders assigned the debts to the Asset Reconstruction Company (India) Limited. On 2015-06-20, the appellant issued a notice under Section 13(2) of the SARFAESI Act. On 2016-06-01, the appellant took physical possession of the project assets. On 2018-12-26, the appellant filed an application under Section 7 of the IBC before the NCLT for a default amounting to Rs.5997,80,02,973/-. On 2019-11-08, the appellant filed a supplementary affidavit before the NCLT, mentioning the date of default
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Corporate Power Ltd.…
The account of the…
The case revolves around the applicability of Section 18 of the Limitation Act to proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC). Corporate Power Ltd. availed a loan in 2009 for a thermal power project in Jharkhand. The account was declared a non-performing asset by SBI on 2013-07-31. SBI issued a loan-recall notice on 2015-03-27. The debts were assigned to Asset Reconstruction Company (India) Limited. The appellant issued a notice under Section 13(2) of the SARFAESI Act on 2015-06-20 and took physical possession of the project assets on 2016-06-01. An application under Section 7 of the IBC was filed before the NCLT on 2018-12-26. The NCLT admitted the Section 7 application on 2020-02-19, observing that the balance sheets of the corporate
…In 2009, Corporate Power Ltd. set up a thermal power project in Jharkhand and availed of loan facilities. The account of the corporate debtor was declared a non-performing asset by SBI on 2013-07-31. On 2015-03-27, SBI issued a loan-recall notice. On 2015-03-31, some of the original lenders assigned the debts to the Asset Reconstruction Company (India) Limited. On 2015-06-20, the appellant issued a notice under Section 13(2) of the SARFAESI Act. On 2016-06-01, the appellant took physical possession of the project assets. On 2018-12-26, the appellant filed an application under Section 7 of the IBC before the NCLT for a default amounting to Rs.5997,80,02,973/-. On 2019-11-08, the appellant filed a supplementary affidavit before the NCLT, mentioning the date of default
…Corporate Power Ltd.…
The account of the…