The case involves an appeal against an order of the National Company Law Appellate Tribunal (NCLAT), which had set aside an order of the National Company Law Tribunal (NCLT). The NCLT had initially dismissed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by the respondent, Export Import Bank of India, on the ground that the debt was barred by limitation. The NCLAT overturned this decision, holding that the finding of limitation was 'patently illegal'. The Supreme Court is now hearing an appeal against the NCLAT's order.
The Export Import Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal (NCLT). The NCLT dismissed the application, finding that the debt was barred by limitation. The NCLAT set aside the NCLT's order, holding that the finding of limitation was 'patently illegal'. The NCLAT directed the NCLT to admit the application under Section 7. The Supreme Court is hearing an appeal against the NCLAT's order. The date of NPA in respect of all the four loans are between 2011-06-26 to 2011-07-31 and the Petition has been filed only on 2019-08-30.
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The National Company Law Tribunal (NCLT)…
The NCLAT set aside the order of the NCLT and…
The case involves an appeal against an order of the National Company Law Appellate Tribunal (NCLAT), which had set aside an order of the National Company Law Tribunal (NCLT). The NCLT had initially dismissed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by the respondent, Export Import Bank of India, on the ground that the debt was barred by limitation. The NCLAT overturned this decision, holding that the finding of limitation was 'patently illegal'. The Supreme Court is now hearing an appeal against the NCLAT's order.
The Export Import Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal (NCLT). The NCLT dismissed the application, finding that the debt was barred by limitation. The NCLAT set aside the NCLT's order, holding that the finding of limitation was 'patently illegal'. The NCLAT directed the NCLT to admit the application under Section 7. The Supreme Court is hearing an appeal against the NCLAT's order. The date of NPA in respect of all the four loans are between 2011-06-26 to 2011-07-31 and the Petition has been filed only on 2019-08-30.
The National Company Law Tribunal (NCLT)…
The NCLAT set aside the order of the NCLT and…