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Corporate Insolvency Resolution Process was to be admitted when debtor acknowledged its debt

April 22, 2019[2019] 105 188 (NCLT- Chennai )

IBC: Where corporate debtor was a corporate person, it makes no difference as to whether corporate person stood as guarantor to an individual or a corporate person, and so long as financial debt was due from a corporate person, creditor could proceed under section 7 against such corporate person

IBC: Where corporate debtor acknowledged its debt on 3-10-2016, instant petition filed on 24-10-2018 to initiate CIRP against corporate debtor was well within limitation period of three years and thus, was to be admitted

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