NCLT Admits CIRP Petition Because Repeated Debt Acknowledgments Extended Limitation

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...