In the matter of Shivam Parivar Developers Private Limited C.P. (Ib) No. 702-NCLT-MB-2019
Case brief
What is this about?
The Tribunal admitted an application under Section 7 of the I&B Code filed by a financial creditor against a corporate debtor. The Court held that acknowledgement of a time-barred debt through a fresh written promise revives the cause of action. Moratorium was declared, and an Interim Resolution Professional was appointed.
What did the court decide?
Admitted the application under Section 7; Declared moratorium u/s 14; Appointed Interim Resolution Professional Mr Paras Khimji Savla.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH
C.P. (IB) No. 702/NCLT/MB/2019
Under Section 7 of the I&B Code, 2016
In the matter of:
Mr Nipun Thakkar (sole proprietor of M/s Ami Corporation)
…Financial Creditor / Applicant V/s
Shivam Parivar Developers Private Limited
...Corporate Debtor / Respondent
Order Dated: 13th December 2019
Coram: Mr Rajesh Sharma Mr Bhaskara Pantula Mohan Hon'ble Member (Technical) Hon'ble Member (Judicial)
For the Applicant: Advocate Chetan Kapadia, Advocate Zeeshan Farooqui & Advocate Manju Meena
For the Respondent: None present
Issues for consideration
3 issues framed by the court
Whether the application for initiating Corporate Insolvency Resolution Process is maintainable as it is barred by limitation.
Whether acknowledgement of time-barred debt via fresh written promise revives the cause of action.
Whether the debt claimed amounts to financial debt under Section 7 of the I&B Code, 2016.
Parties & counsel
- applicant
Mr Nipun Thakkar
- respondent
Shivam Parivar Developers Private Limited
Coram
Rajesh Sharma
Case details
As recorded by the court registry
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