https://www.taxtmi.com/caselaws?id=296728 The Tribunal dismissed the application for Corporate Insolvency Resolution Process against M/S. Indian Speciality Fats Ltd. as time-barred under the Limitation Act. The application, initially filed before NCLT Mumbai Bench, was transferred to NCLT Cuttack Bench. The State Bank of India's loan to the Corporate Debtor was declared an NPA due to default, with subsequent assignment to Kotak Mahindra Bank Ltd. The Tribunal applied the Limitation Act to Sections 7 and 9 applications, citing dismissal precedent for time-barred suits. The dismissal was without costs, emphasizing the application's hopeless time-barred status. en-us Wed, 05 Aug 2020 00:00:00 +0530 Thu, 05 Aug 2021 08:43:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296728 The Tribunal dismissed the application for Corporate Insolvency Resolution Process against M/S. Indian Speciality Fats Ltd. as time-barred under the Limitation Act. The application, initially filed before NCLT Mumbai Bench, was transferred to NCLT Cuttack Bench. The State Bank of India's loan to the Corporate Debtor was declared an NPA due to default, with subsequent assignment to Kotak Mahindra Bank Ltd. The Tribunal applied the Limitation Act to Sections 7 and 9 applications, citing dismissal precedent for time-barred suits. The dismissal was without costs, emphasizing the application's hopeless time-barred status. Case-Laws Insolvency and Bankruptcy Wed, 05 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296728