https://www.taxtmi.com/caselaws?id=291929 Limitation for a section 7 IBC application was rejected where the financial debt was secured by equitable mortgage, with Article 62 of the Limitation Act treated as the relevant twelve-year period for enforcement of mortgage-secured money claims. The Tribunal also found that the corporate debtor had admitted the debt, the facilities constituted financial debt, and the admitted non-payment amounted to default under the IBC. As no pre-existing dispute was shown and the application met the procedural requirements for admission, the corporate insolvency resolution process was initiated and moratorium followed. en-us Fri, 20 Sep 2019 00:00:00 +0530 Mon, 30 Nov 2020 19:11:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291929 Limitation for a section 7 IBC application was rejected where the financial debt was secured by equitable mortgage, with Article 62 of the Limitation Act treated as the relevant twelve-year period for enforcement of mortgage-secured money claims. The Tribunal also found that the corporate debtor had admitted the debt, the facilities constituted financial debt, and the admitted non-payment amounted to default under the IBC. As no pre-existing dispute was shown and the application met the procedural requirements for admission, the corporate insolvency resolution process was initiated and moratorium followed. Case-Laws Insolvency and Bankruptcy Fri, 20 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291929