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        Case ID :
        Insolvency and Bankruptcy

        Initiation of CIRP - admission of debt - dishonouring of the...

        Corporate Insolvency Process Begins Due to Cheque Dishonor and Loan Acknowledgment; No Default Date in Agreement.

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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 - admission of debt - dishonouring of the three cheques with the comments “Account Closed” - While no date of default is mentioned in the promissory note or any other document such loan agreement has been produced, we are of the view that corporate debtor’s letter dated 7.6.2016 states very clearly the existence of the loan and also the fact that on depositing the cheque with the bank of Respondent No. 2, the same will definitely be honoured and the dishonouring of cheques will be taken as default for which the financial creditor can take legal action. - AT
                                Note: It is a system-generated summary and is for quick reference only.
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