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NCLT Admits CIRP Petition Because Repeated Debt Acknowledgments Extended Limitation
Case Law Details
- Case Name
- Canara Bank Vs Mohan Rail Components Private Limited (NCLT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
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- Courts
- NCLT
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Canara Bank Vs Mohan Rail Components Private Limited (NCLT Chandigarh)
The National Company Law Tribunal (NCLT), Chandigarh Bench, admitted a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Canara Bank seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Mohan Rail Components Private Limited for a claimed default amount of ₹63,85,20,356.54 along with applicable interest. The date of default mentioned in the application was 31.03.2015.
The Financial Creditor stated that it had sanctioned various credit facilities to the Corporate...
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