https://www.taxtmi.com/caselaws?id=421370 A Section 7 insolvency application under the Insolvency and Bankruptcy Code was found to be within limitation because the date of default was taken from the NPA classification and the filing fell within the three-year period under Article 137 of the Limitation Act, as applied by Section 238A. The application was also held to have been filed by a duly authorised person, since the record contained a prior power of attorney and a later authorisation empowering the signatory to initiate and prosecute proceedings. On the documents, financial debt, default, and the creditor-debtor relationship were established through loan disbursal, non-payment, and unsuccessful restructuring, so the requirements for admission were satisfied and CIRP was admitted with moratorium and appointment of an interim resolution professional. en-us Thu, 24 Mar 2022 00:00:00 +0530 Sat, 23 Apr 2022 08:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421370 A Section 7 insolvency application under the Insolvency and Bankruptcy Code was found to be within limitation because the date of default was taken from the NPA classification and the filing fell within the three-year period under Article 137 of the Limitation Act, as applied by Section 238A. The application was also held to have been filed by a duly authorised person, since the record contained a prior power of attorney and a later authorisation empowering the signatory to initiate and prosecute proceedings. On the documents, financial debt, default, and the creditor-debtor relationship were established through loan disbursal, non-payment, and unsuccessful restructuring, so the requirements for admission were satisfied and CIRP was admitted with moratorium and appointment of an interim resolution professional. Case-Laws Insolvency and Bankruptcy Thu, 24 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421370