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        Case ID :
        Insolvency and Bankruptcy

        Initiation of CIRP - time barred debt or not - Corporate Debtor...

        Corporate Debtor's Debt Not Time-Barred Due to Acknowledgment in Balance Sheets; NCLT Admits CIRP Application.

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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 - time barred debt or not - Corporate Debtor had tacitly ‘Acknowledged’, its ‘Debt’ / ‘Liability’, in its ‘Balance Sheets’, for the Year ending 2013-14 dated 16.08.2014, for the Year ending 2014-15 dated 27.08.2015 and for the Year ending 2015-16 dated 27.08.2016, the same being ‘not Barred by Time’, taking note of the entire conspectus of the facts and circumstances of the present case, in an encircling manner, and exercising its subjective discretion, comes to a resultant conclusion that the aspect of ‘Debt and Default’, committed by the ‘Corporate Debtor’, have been duly proved by the ‘1st Respondent / Bank’. - NCLT rightly admitted the application - AT
                                Note: It is a system-generated summary and is for quick reference only.
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