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Application for resolution of debt filed u/s 7 was contested on grounds of limitation prescribed under Article 137 of Limitation Act, 1963. Accounts declared non-performing assets on 31.03.2015, but corporate debtor acknowledged liability by making payment of Rs. 2.65 crore in December 2016, restarting limitation period from that date u/ss 18 and 19. Application filed in 2018 was well within three-year limitation period from December 2016 acknowledgement. Tribunal erred in examining limitation issue. Appellate Tribunal set aside impugned order and remanded matter back to Tribunal.
Application for resolution of debt filed u/s 7 was contested on grounds of limitation prescribed under Article 137 of Limitation Act, 1963. Accounts declared non-performing assets on 31.03.2015, but corporate debtor acknowledged liability by making payment of Rs. 2.65 crore in December 2016, restarting limitation period from that date u/ss 18 and 19. Application filed in 2018 was well within three-year limitation period from December 2016 acknowledgement. Tribunal erred in examining limitation issue. Appellate Tribunal set aside impugned order and remanded matter back to Tribunal.
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