https://www.taxtmi.com/caselaws?id=282798 A legally assigned debt makes the assignee a financial creditor entitled to maintain a Section 7 application, and separate proof of trustee formalities is not required where the assignment deed supports the claim. A mortgage-backed debt attracts the twelve-year limitation period, and acknowledgment in balance sheets can further extend limitation under the Limitation Act. Where loan disbursement, non-payment, debt and default are shown, the adjudicating authority need not decide disputed quantum in detail; such discrepancies may be examined in the claims process. On these principles, the application was found complete and fit for admission, with commencement of CIRP and moratorium under the Code. en-us Tue, 26 Feb 2019 00:00:00 +0530 Thu, 14 Nov 2024 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282798 A legally assigned debt makes the assignee a financial creditor entitled to maintain a Section 7 application, and separate proof of trustee formalities is not required where the assignment deed supports the claim. A mortgage-backed debt attracts the twelve-year limitation period, and acknowledgment in balance sheets can further extend limitation under the Limitation Act. Where loan disbursement, non-payment, debt and default are shown, the adjudicating authority need not decide disputed quantum in detail; such discrepancies may be examined in the claims process. On these principles, the application was found complete and fit for admission, with commencement of CIRP and moratorium under the Code. Case-Laws IBC Tue, 26 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282798