Initiation of insolvency proceedings justified as application filed within limitation period

Rohit Suri Vs Rajasthan Financial Corporation (NCLAT Delhi) NCLAT Delhi held that initiation of Corporate Insolvency Resolution Process (CIRP) for failure to honour repayment obligation justified since application filed within limitation period. Accordingly, present appeal dismissed. Facts- The Respondent No. 1, registered under the State Financial Corporation Act, 1951, sanctioned a loan of ₹3.50 Crores to the Corporate Debtor in July 2009 and signed loan agreement, disbursing ₹2.40 Crores on 17.07.2009. The loan was repayable in 19 Equal Quarterly Instalments (EQIs) of ₹18.67 Lakhs eac...