Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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The appellant, a decree holder, qualifies as a "Financial Creditor" under the Insolvency and Bankruptcy Code (IBC). The settlement agreement recognized the appellant's financial claim, and the decree formalized the respondent's obligation to pay, not altering the underlying financial debt's character. The petition filed by the appellant u/s 7 of the IBC is within the limitation period. The respondent's acknowledgments of debt before the High Court extended the limitation period u/s 18 of the Limitation Act, 1963. The NCLT order dismissing the petition on the ground of limitation is erroneous and liable to be set aside. The appeal is allowed.
The appellant, a decree holder, qualifies as a "Financial Creditor" under the Insolvency and Bankruptcy Code (IBC). The settlement agreement recognized the appellant's financial claim, and the decree formalized the respondent's obligation to pay, not altering the underlying financial debt's character. The petition filed by the appellant u/s 7 of the IBC is within the limitation period. The respondent's acknowledgments of debt before the High Court extended the limitation period u/s 18 of the Limitation Act, 1963. The NCLT order dismissing the petition on the ground of limitation is erroneous and liable to be set aside. The appeal is allowed.
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