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NCLAT dismissed appeals challenging a Section 7 IBC application, finding the petition within limitation period. The Tribunal held that consistent debt acknowledgment in balance sheets from FY 2015-16 to 2022-23 extended the limitation period under Section 18 of Limitation Act. Despite initial default on 31.03.2016, the Financial Creditor's evidence demonstrated continuing liability, with specific creditor details appearing in 2022-23 balance sheet. The Tribunal rejected arguments regarding improper NPA classification, affirming the Adjudicating Authority's findings that the debt was validly acknowledged and the application was not time-barred. Appeals were consequently dismissed as lacking merit.
NCLAT dismissed appeals challenging a Section 7 IBC application, finding the petition within limitation period. The Tribunal held that consistent debt acknowledgment in balance sheets from FY 2015-16 to 2022-23 extended the limitation period under Section 18 of Limitation Act. Despite initial default on 31.03.2016, the Financial Creditor's evidence demonstrated continuing liability, with specific creditor details appearing in 2022-23 balance sheet. The Tribunal rejected arguments regarding improper NPA classification, affirming the Adjudicating Authority's findings that the debt was validly acknowledged and the application was not time-barred. Appeals were consequently dismissed as lacking merit.
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