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        Case ID :
        Insolvency and Bankruptcy

        Initiation of CIRP - Period of limitation - to be recognized...

        Section 7 IBC: CIRP Application Valid Beyond 3 Years if Debt Acknowledged, Extending Limitation Period by Another 3 Years.

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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 - Period of limitation - to be recognized from the date of NPA or Balance Sheet recognizing the debt - An application under Section 7 of the IBC would not be barred by limitation, on the ground that it had been filed beyond a period of three years from the date of declaration of the loan account of the Corporate Debtor as NPA, if there were an acknowledgement of the debt by the Corporate Debtor before expiry of the period of limitation of three years, in which case the period of limitation would get extended by a further period of three years - SC
                                Note: It is a system-generated summary and is for quick reference only.
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