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Corporate debtor failed to repay operational creditors' dues, leading to initiation of Corporate Insolvency Resolution Process (CIRP). The issue pertained to the effect of a winding-up petition filed by the appellant on the limitation period. The NCLAT held that the limitation period would not be halted due to the High Court's order on the winding-up petition, as the appellant failed to seek the Central Government's consent to pursue recovery against the respondent, despite being granted liberty. The NCLAT found no error in the impugned order and dismissed the appeal, upholding the Adjudicating Authority's decision that ample time was available for the appellant to seek the required consent.
Corporate debtor failed to repay operational creditors' dues, leading to initiation of Corporate Insolvency Resolution Process (CIRP). The issue pertained to the effect of a winding-up petition filed by the appellant on the limitation period. The NCLAT held that the limitation period would not be halted due to the High Court's order on the winding-up petition, as the appellant failed to seek the Central Government's consent to pursue recovery against the respondent, despite being granted liberty. The NCLAT found no error in the impugned order and dismissed the appeal, upholding the Adjudicating Authority's decision that ample time was available for the appellant to seek the required consent.
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