Supreme Court · 2021 INSC 220 · Decided 26 March 2021
Laxmi Pat Surana v. Union Bank of India & ANR.
- Court
- Supreme Court of India
- Citation
- 2021 INSC 220 · [2021] 2 S.C.R. 924
- Case number
- CIVIL APPEAL No. 2734/2020
- Decided
- 26 March 2021
- Bench
- A.M. KHANWILKAR, BHUSHAN RAMKRISHNA GAVAI, KRISHNA MURARI (3-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Contract Act Section 128; Limitation Act Section 18; IBC Section 7
Headnote
Insolvency and Bankruptcy Code, 2016: s. 7 - Initiation of corporate insolvency resolution process by financial creditor - Application for initiating CIRP by Financial Creditor-Bank u/s. 7 against a corporate person (being a corporate debtor) concerning respect of a loan account of the principal borrower, who had committed default and is not a "corporate person" within the meaning of the Code - Maintainability of - Held: Right or cause of action would enure to the lender (financial creditor) to proceed against the
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