https://www.taxtmi.com/caselaws?id=423172 A recovery certificate issued by the Debt Recovery Tribunal crystallises the liability and can constitute a fresh cause of action for a Section 7 application under the Insolvency and Bankruptcy Code, 2016. The holder of such a certificate is treated as a financial creditor because the Code uses broad, inclusive definitions of claim, debt, default and financial creditor; the application remains within limitation if filed within three years of the certificate. Section 19(22A) of the Recovery of Debts and Bankruptcy Act, 1993 does not confine the certificate's use to winding-up proceedings alone, and the earlier view recognising this fresh cause of action was not per incuriam. en-us Mon, 30 May 2022 00:00:00 +0530 Thu, 19 Oct 2023 14:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423172 A recovery certificate issued by the Debt Recovery Tribunal crystallises the liability and can constitute a fresh cause of action for a Section 7 application under the Insolvency and Bankruptcy Code, 2016. The holder of such a certificate is treated as a financial creditor because the Code uses broad, inclusive definitions of claim, debt, default and financial creditor; the application remains within limitation if filed within three years of the certificate. Section 19(22A) of the Recovery of Debts and Bankruptcy Act, 1993 does not confine the certificate's use to winding-up proceedings alone, and the earlier view recognising this fresh cause of action was not per incuriam. Case-Laws Insolvency and Bankruptcy Mon, 30 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423172