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Insolvency and BankruptcyMarch 30, 2020Case LawsAT
Initiation of CIRP - Period of limitation - here is an acknowledgment of Debt by the Principal Borrower but also the Corporate Debtor on 27.5.15 & 8.12.18 respectively.The object of specifying time limit for limitation is undoubtedly based on ‘Public Policy’.The application projected before the Adjudicating Authority(NCLT) Kolkata Bench, on 13.2.19 is well within limitation and not barred by Limitation.
Initiation of CIRP - Period of limitation - here is an acknowledgment of Debt by the Principal Borrower but also the Corporate Debtor on 27.5.15 & 8.12.18 respectively.The object of specifying time limit for limitation is undoubtedly based on ‘Public Policy’.The application projected before the Adjudicating Authority(NCLT) Kolkata Bench, on 13.2.19 is well within limitation and not barred by Limitation.
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