Supreme Court · 2022 INSC 777 · Decided 1 August 2022
Asset Reconstruction Company (India) Limited v. Tulip Star Hotels Limited & ORS.
- Court
- Supreme Court of India
- Citation
- 2022 INSC 777 · [2022] 5 S.C.R. 1112
- Case number
- CIVIL APPEAL No. 84/2020
- Decided
- 1 August 2022
- Bench
- INDIRA BANERJEE, J.K. MAHESHWARI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Limitation Act Section 18; IBC Section 7(2), 62, 238A, 7, 238, 9
Headnote
Insolvency and Bankruptcy Code, 2016 - ss. 7(2), 62 & 238A - Limitation Act, 1963 - s. 18 - Corporate Insolvency Resolution Process (CIRP) - Extension of period of limitation - Acknowledgement in books of account - A loan the consortium of banks and the corporate debtor - Pursuant to which, a loan amount of Rs.129 crore was sanctioned to corporate debtor - Corporate debtor was classified as non- performing asset (NPA) - Thereafter, parties entered into a settlement agreement - There were
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