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Debt Acknowledged in Balance Sheet Extends Limitation: CIRP Allowed
Case Law Details
- Case Name
- Canara Bank Vs Supreme Ahmednagar Karmala Tembhurni Tollways Private Limited (NCLT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Canara Bank Vs Supreme Ahmednagar Karmala Tembhurni Tollways Private Limited (NCLT Chandigarh)
The National Company Law Tribunal (NCLT), Chandigarh, admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor for a default amount of approximately ₹283.95 crore. The financial creditor had established that loans were sanctioned and disbursed under a consortium arrangement, and defaults in repayment began from December 2015, with the account classified as a ...
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