https://www.taxtmi.com/caselaws?id=303330 Limitation for a section 7 IBC application was treated as running with reference to prior recovery proceedings under SARFAESI and later settlement correspondence, so the petition was not barred merely because the default dated to 2013. A one-time settlement that preserved the creditor's right to recover the original dues on default was held not to be novation, and it did not discharge the corporate debtor from liability. Sanction letters, loan documents, account statements, a banker's certificate, credit report and the debtor's admission of delayed repayment established financial debt and default, so CIRP was admitted and moratorium and an interim resolution professional were ordered. en-us Fri, 10 Jan 2020 00:00:00 +0530 Thu, 14 Jul 2022 21:21:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303330 Limitation for a section 7 IBC application was treated as running with reference to prior recovery proceedings under SARFAESI and later settlement correspondence, so the petition was not barred merely because the default dated to 2013. A one-time settlement that preserved the creditor's right to recover the original dues on default was held not to be novation, and it did not discharge the corporate debtor from liability. Sanction letters, loan documents, account statements, a banker's certificate, credit report and the debtor's admission of delayed repayment established financial debt and default, so CIRP was admitted and moratorium and an interim resolution professional were ordered. Case-Laws Insolvency and Bankruptcy Fri, 10 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303330