The Financial Creditor has to file the application u/s 7 of Code, within 3 years from the date of default & has to mention the date of default in the application- Meena V Kothari Vs. M/S Maberest Hotels Pvt. Ltd. – NCLAT
The Corporate Debtor has not repaid the loan till 25.11.2007 and committed default hence the date of default is 25.11.2007. In the application under Section 7 of Code, the Financial Creditor has to mention the date of default however, no such date is mentioned in the application. The Financial Creditor has to file the application under Section 7 of I&B Code, within 3 years from the date of default as held by Hon’ble Supreme Court in the case of B.K. Educational Service Pvt. Ltd. Vs. Parag Gupta and Associates.
