https://www.taxtmi.com/caselaws?id=422051 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 failed because the debt was not shown to be within limitation and default was not proved by the prescribed record. The claim originated from a 1997 loan arrangement, the first admitted default was in 1999, and the material did not show a legally sustainable live claim through the later acknowledgment and settlement deed or up to the demand notice in 2021. The applicant also did not produce an information utility record, certified banker's book entry, or adjudicatory order evidencing non-payment. On these facts, commencement of CIRP was not warranted. en-us Wed, 27 Apr 2022 00:00:00 +0530 Sat, 07 May 2022 06:36:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422051 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 failed because the debt was not shown to be within limitation and default was not proved by the prescribed record. The claim originated from a 1997 loan arrangement, the first admitted default was in 1999, and the material did not show a legally sustainable live claim through the later acknowledgment and settlement deed or up to the demand notice in 2021. The applicant also did not produce an information utility record, certified banker's book entry, or adjudicatory order evidencing non-payment. On these facts, commencement of CIRP was not warranted. Case-Laws Insolvency and Bankruptcy Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422051