Supreme Court · 2021 INSC 380 · Decided 4 August 2021
Dena Bank (Now Bank of Baroda) v. C. Shivakumar Reddy and ANR.
- Court
- Supreme Court of India
- Citation
- 2021 INSC 380 · [2021] 8 S.C.R. 1061
- Case number
- CIVIL APPEAL No. 1650/2020
- Decided
- 4 August 2021
- Bench
- INDIRA BANERJEE, V. RAMASUBRAMANIAN (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Limitation Act Section 137; IBC Section 7, 9, 7(2)
Headnote
Insolvency and Bankruptcy Code, 2016: s. 7 - Initiation of corporate insolvency resolution process by financial creditor - Petition u/s. 7, if barred by limitation - On facts, appellant Bank sanctioned term loan and letter of credit cum buyer's credit in favour of corporate corporate debtor defaulted in repayment of its dues to the bank and loan amount declared as non-performing asset-NPA -Issuance of notice to corporate debtor in 2014, to clear its dues - Pursuant thereto, in 2015 Bank filed application for recovery of the outstanding dues - In
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