Vidyasagar Prasad vs Uco Bank
Parties (2)
Case Significance
Vidyasagar Prasad vs Uco Bank is a Supreme Court of India decision dated October 22, 2024 (citation: insc-2024-810). The suspended director of a Corporate Debtor challenged the NCLAT order affirming admission of an IBC Section 7 application by UCO Bank for initiating CIRP proceedings. The key issue was limitation, but the Court found that the Corporate Debtor's OTS proposal letter constituted an unequivocal acknowledgement of liability under Section 18 of the Limitation Act. The appeal was dismissed. The bench comprised Justices Pamidighantam Sri Narasimha and Sandeep Mehta. The judgment was delivered by Justice Pamidighantam Sri Narasimha.
Summary
The suspended director of a Corporate Debtor challenged the NCLAT order affirming admission of an IBC Section 7 application by UCO Bank for initiating CIRP proceedings. The key issue was limitation, but the Court found that the Corporate Debtor's OTS proposal letter constituted an unequivocal acknowledgement of liability under Section 18 of the Limitation Act. The appeal was dismissed.
What was the outcome of Vidyasagar Prasad vs Uco Bank?
The suspended director of a Corporate Debtor challenged the NCLAT order affirming admission of an IBC Section 7 application by UCO Bank for initiating CIRP proceedings. The key issue was limitation, b...
Judgment
Read the full judgment on the official India Courts portal.
Read on Indian KanoonSource: Indian Kanoon (insc-2024-810)