CIRP application u/s. 7 of IBC within 3 years of ‘Promise to Pay’ permissible

Sarang Kumar Wadhawan Vs Unity Small Finance Bank Ltd. (NCLAT Delhi) NCLAT Delhi held that initiation of Corporate Insolvency Resolution Process by admitting application u/s. 7 justifiable since application duly filed within 3 years of ‘Promise to Pay’ under section 25(3) of the Indian Contract Act, 1872. Accordingly, appeal dismissed. Facts- The present Appeal is being preferred by the Appellant, Mr. Sarang Kumar Wadhawan, in the capacity of a shareholder of the Corporate Debtor, under Section 61 (1) of the Insolvency & Bankruptcy Code, 2016 against the Impugned Order dated 15.02.202...