The case involves an appeal against the order of the National Company Law Appellate Tribunal (NCLAT), Principal Bench at New Delhi, which dismissed the appeal of the suspended Managing Director of the Corporate Debtor (CD) and held that the Section 7 application was within limitation.
State Bank of India (SBI) filed an application under Section 7 of the IBC against M/s. Metal Closure Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP).
The Corporate Debtor (CD) contested the application, arguing it was filed beyond the 3-year limitation period.
The National Company Law Tribunal (NCLT), Bangalore Bench, admitted the CIRP petition on 14.12.2018.
The suspended Managing Director of CD filed an appeal against the NCLT order before NCLAT.
NCLAT dismissed the appeal on 26.09.2019, holding that the limitation period was 12 years under Article 62 of the Schedule to the Limitation Act, 1963.
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NCLT, Bangalor…
NCLAT dismissed the…
The case involves an appeal against the order of the National Company Law Appellate Tribunal (NCLAT), Principal Bench at New Delhi, which dismissed the appeal of the suspended Managing Director of the Corporate Debtor (CD) and held that the Section 7 application was within limitation.
State Bank of India (SBI) filed an application under Section 7 of the IBC against M/s. Metal Closure Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP).
The Corporate Debtor (CD) contested the application, arguing it was filed beyond the 3-year limitation period.
The National Company Law Tribunal (NCLT), Bangalore Bench, admitted the CIRP petition on 14.12.2018.
The suspended Managing Director of CD filed an appeal against the NCLT order before NCLAT.
NCLAT dismissed the appeal on 26.09.2019, holding that the limitation period was 12 years under Article 62 of the Schedule to the Limitation Act, 1963.
…NCLT, Bangalor…
NCLAT dismissed the…