03/06/2021

Any extension of limitation by payment under Section 19 of the Limitation Act would ensure to the benefit of the Financial Creditor if the same is made within the prescribed period of limitation – Edelweiss Asset Reconstruction Company Limited Vs. Chemstar Organics (India) Ltd. – NCLT Mumbai Bench

The Adjudicating Authority observed that even if the documents produced by the Applicant are taken to be acknowledgment of liability, such documents cannot come to the aid of the applicant as the same are dated/issued beyond the expiration of prescribed period of limitation. In any case, documents/correspondence relied upon by the petitioner do not constitute any acknowledgment of debt under Section 18 of the limitation Act as the same do not meet the three essential ingredients of Section 18 of Limitation Act. Therefore, we believe that there is no acknowledgement of the debt by the respondent.

Any extension of limitation by payment under Section 19 of the Limitation Act would ensure to the benefit of the Financial Creditor if the same is made within the prescribed period of limitation – Edelweiss Asset Reconstruction Company Limited Vs. Chemstar Organics (India) Ltd. – NCLT Mumbai Bench Read Post »

NCLAT directs RP to pay the remaining professional fees of Erstwhile RP from the contingency funds of the Resolution Plan – Alok Kumar Kuchhal Erstwhile IRP Vs. Charming Apparels Pvt. Ltd. & Ors. – NCLAT New Delhi

Erstwhile RP has filed this Appeal as professional fees fixed by the Appropriate Authority has not been paid as yet. Ld. Counsel appearing on behalf of the Respondent No. 6 (RP) submits that there is no specific direction for paying the remaining professional fees therefore, they could not pay the same. NCLAT directed that the remaining professional fees 3.5 lakhs be paid to the Appellant by RP within 15 days from the contingency funds of the Resolution Plan. In case, the RP fails to pay the amount within 15 days then they have to pay interest @ of 8% from the date of this order till realization.

NCLAT directs RP to pay the remaining professional fees of Erstwhile RP from the contingency funds of the Resolution Plan – Alok Kumar Kuchhal Erstwhile IRP Vs. Charming Apparels Pvt. Ltd. & Ors. – NCLAT New Delhi Read Post »

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