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        Case ID :
        Insolvency and Bankruptcy

        Initiation of CIRP - Application barred by time limitation or...

        Corporate Insolvency Application Valid: Principal Borrower's Acknowledgment Extends Limitation Period for Financial Creditor u/s 7.

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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.
                                Initiation of CIRP - Application barred by time limitation or not - The acknowledgement made by the Principal Borrower within three years’ period from the date of account being declared NPA, there shall be fresh period of limitation available to the Financial Creditor and the Application under Section 7 having been filed within three years from the date of acknowledgement, cannot be held to be barred by time - the Application filed by the State Bank of India under Section 7 was within the period of limitation and has rightly been admitted by the Adjudicating Authority. - AT
                                Note: It is a system-generated summary and is for quick reference only.
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