Prudeta
Prudeta
2026 INSC 155
📌 Paras 2-3
The State Bank of India, as a Financial Creditor for a consortium of banks, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s. Metal Closure Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The claim was for dues exceeding Rs. 280 crores. The Corporate Debtor contested the application, primarily on the grounds of limitation, arguing it was filed beyond the prescribed three-year period.
📌 Para 3
Whether the application filed under Section 7 of the IBC for initiating CIRP was barred by limitation, considering the nature of the debt and the relevant dates of default and acknowledgment.
📌 **Paras 12, 14, 31-3
The bench further analyzed the constitutional validity of the impugned provisions and discussed the interpretation of Articles 14 and 21 in light of recent precedents...
Citing the ratio in prior decisions, the court held that the legislative intent was to ensure...
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