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        Case ID :
        Insolvency and Bankruptcy

        Maintainability of application - initiation of CIRP - In the...

        CIRP Application Dismissed as Time-Barred; No Liability Acknowledgment u/s 18 of Limitation Act, 1963.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Maintainability of application - initiation of CIRP - In the instant case, it is clear that the right to sue accrued when the default occurred way back on 28.02.2002. The material on record does not evidence any acknowledgment of liability under Section 18 of the Limitation Act, 1963 to extend the limitation period. The dismissal of the BIFR reference, relied upon by the Learned Counsel for the Appellant, is also dated 04.05.2016 which is beyond three years form the date of default. - The Ld. Adjudicating Authority has rightly dismissed the Application filed under Section 7 of the Code, as barred by limitation - AT
                                Note: It is a system-generated summary and is for quick reference only.
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