https://www.taxtmi.com/caselaws?id=287896 A Section 7 IBC application by a financial creditor was found maintainable on the basis of loan documents and default records showing disbursal and non-payment. Objections based on MSME status, alleged illegality of NPA classification, and an asserted failure to restructure were not treated as bars at the admission stage, and the corporate debtor's balance-sheet entries were treated as acknowledgment of liability. The plea of limitation under Article 137 of the Limitation Act, 1963 was rejected on that basis. The application was also found complete and the proposed interim resolution professional was found eligible, leading to admission and initiation of the CIRP. en-us Fri, 25 Jan 2019 00:00:00 +0530 Fri, 08 May 2020 10:23:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287896 A Section 7 IBC application by a financial creditor was found maintainable on the basis of loan documents and default records showing disbursal and non-payment. Objections based on MSME status, alleged illegality of NPA classification, and an asserted failure to restructure were not treated as bars at the admission stage, and the corporate debtor's balance-sheet entries were treated as acknowledgment of liability. The plea of limitation under Article 137 of the Limitation Act, 1963 was rejected on that basis. The application was also found complete and the proposed interim resolution professional was found eligible, leading to admission and initiation of the CIRP. Case-Laws Insolvency and Bankruptcy Fri, 25 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287896