https://www.taxtmi.com/highlights?id=82866 The Tribunal examined the maintainability of an application for initiating the Corporate Insolvency Resolution Process (CIRP) u/s 7 of the Insolvency and Bankruptcy Code (IBC). It addressed the issue of condonation of delay in filing the petition. The Operational Creditor (OC) claimed a bona fide belief that the petition was filed within the limitation period. However, the Tribunal held that Section 5 of the IBC applies to applications filed u/ss 7 or 9, and cited the Supreme Court's decision in B.K Educational Services Pvt. Ltd. Vs. Parag Gupta And Associates, which stated that the right to sue accrues when a default occurs, and if the default occurred over three years prior to the application filing, it would be barred under Article 137 o..... en-us Thu, 07 Nov 2024 08:47:59 +0530 Thu, 07 Nov 2024 08:47:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82866 The Tribunal examined the maintainability of an application for initiating the Corporate Insolvency Resolution Process (CIRP) u/s 7 of the Insolvency and Bankruptcy Code (IBC). It addressed the issue of condonation of delay in filing the petition. The Operational Creditor (OC) claimed a bona fide belief that the petition was filed within the limitation period. However, the Tribunal held that Section 5 of the IBC applies to applications filed u/ss 7 or 9, and cited the Supreme Court's decision in B.K Educational Services Pvt. Ltd. Vs. Parag Gupta And Associates, which stated that the right to sue accrues when a default occurs, and if the default occurred over three years prior to the application filing, it would be barred under Article 137 o..... Highlights IBC Thu, 07 Nov 2024 08:47:59 +0530 https://www.taxtmi.com/highlights?id=82866