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The NCLAT dismissed the appeal, confirming that the Section 7 petition was not time-barred due to the Corporate Debtor's acknowledgment of debt in its FY 2019-20 balance sheet, which extended the limitation period. The Tribunal held that while the original default occurred on 31.12.2015, the limitation period was extended by the acknowledgment and further by the Supreme Court's COVID-19 relief order. The Appellant's claims of excessive interest rates (30% p.a. with 36% p.a. penal interest) were rejected as the Corporate Debtor had voluntarily executed and adhered to the loan agreement without previous challenge. The Tribunal noted that if settlement is desired, Respondent may file a Section 12-A application within two weeks; otherwise, CIRP would proceed.
The NCLAT dismissed the appeal, confirming that the Section 7 petition was not time-barred due to the Corporate Debtor's acknowledgment of debt in its FY 2019-20 balance sheet, which extended the limitation period. The Tribunal held that while the original default occurred on 31.12.2015, the limitation period was extended by the acknowledgment and further by the Supreme Court's COVID-19 relief order. The Appellant's claims of excessive interest rates (30% p.a. with 36% p.a. penal interest) were rejected as the Corporate Debtor had voluntarily executed and adhered to the loan agreement without previous challenge. The Tribunal noted that if settlement is desired, Respondent may file a Section 12-A application within two weeks; otherwise, CIRP would proceed.
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