https://www.taxtmi.com/caselaws?id=287827 Prior judicial statements by the corporate debtor were treated as clear acknowledgment of debt, saving limitation under the Limitation Act, and were also regarded as a promise within section 25(3) of the Indian Contract Act, 1872. Objections to the deed of assignment based on insufficient stamp duty, absence of consent, and multiple parties were held irrelevant in a section 7 proceeding under the Insolvency and Bankruptcy Code, 2016. The debt was found due and payable because the cash credit facilities were payable on demand, the term loan had fallen due in instalments, and the bank guarantee created enforceable liability. The section 7 application was therefore maintainable, the corporate insolvency resolution process was admitted, moratorium followed, and an interim resolution professional was appointed. en-us Wed, 20 Nov 2019 00:00:00 +0530 Tue, 05 May 2020 08:19:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287827 Prior judicial statements by the corporate debtor were treated as clear acknowledgment of debt, saving limitation under the Limitation Act, and were also regarded as a promise within section 25(3) of the Indian Contract Act, 1872. Objections to the deed of assignment based on insufficient stamp duty, absence of consent, and multiple parties were held irrelevant in a section 7 proceeding under the Insolvency and Bankruptcy Code, 2016. The debt was found due and payable because the cash credit facilities were payable on demand, the term loan had fallen due in instalments, and the bank guarantee created enforceable liability. The section 7 application was therefore maintainable, the corporate insolvency resolution process was admitted, moratorium followed, and an interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Wed, 20 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287827