https://www.taxtmi.com/caselaws?id=287857 An insolvency application under the IBC was admitted after the Tribunal found the signatory duly authorised to file the petition, relying on bank authorisation and the liberal approach to economic legislation. It held that the consortium loan debt had become due and payable after the project's abandonment and related default clauses were triggered. It further held the claim was not time-barred because the corporate debtor's financial statements acknowledged the borrowing and defaults, extending limitation under Section 18 of the Limitation Act. CIRP was initiated, moratorium declared, public announcement directed, and an IRP appointed. en-us Fri, 13 Dec 2019 00:00:00 +0530 Wed, 06 May 2020 06:02:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287857 An insolvency application under the IBC was admitted after the Tribunal found the signatory duly authorised to file the petition, relying on bank authorisation and the liberal approach to economic legislation. It held that the consortium loan debt had become due and payable after the project's abandonment and related default clauses were triggered. It further held the claim was not time-barred because the corporate debtor's financial statements acknowledged the borrowing and defaults, extending limitation under Section 18 of the Limitation Act. CIRP was initiated, moratorium declared, public announcement directed, and an IRP appointed. Case-Laws Insolvency and Bankruptcy Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287857