Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
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The NCLAT dismissed the appeal, holding that the insolvency resolution application against the personal guarantor was filed within the prescribed limitation period. The tribunal emphasized that the OTS proposal, though not submitted before the Adjudicating Authority, was a material acknowledgment of debt extending the limitation period. The letter dated 19.03.2018 by the appellant as director acknowledged the debt and the failure of the restructuring agreement, thereby reviving limitation. The limitation period commenced from the expiry of the 60-day notice under Section 13(2) and was extended by the acknowledgment letter, making the application served on 10.05.2022 timely. The appeal lacked merit and was accordingly dismissed.
The NCLAT dismissed the appeal, holding that the insolvency resolution application against the personal guarantor was filed within the prescribed limitation period. The tribunal emphasized that the OTS proposal, though not submitted before the Adjudicating Authority, was a material acknowledgment of debt extending the limitation period. The letter dated 19.03.2018 by the appellant as director acknowledged the debt and the failure of the restructuring agreement, thereby reviving limitation. The limitation period commenced from the expiry of the 60-day notice under Section 13(2) and was extended by the acknowledgment letter, making the application served on 10.05.2022 timely. The appeal lacked merit and was accordingly dismissed.
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