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The SC allowed the appeal, setting aside the dismissal of the Section 7 application under the IBC on limitation grounds. The Court held that the entry in the respondent's Balance Sheet for FY 2019-20 constituted a valid acknowledgment of debt under Section 18 of the Limitation Act, 1963, thereby restarting the limitation period. Applying Section 238A of the IBC and Article 137 of the Limitation Act, the Court found the application filed on 15.01.2024 to be within the permissible limitation period, commencing from the acknowledgment dated 12.08.2020. The prior exclusion period under the Court's earlier order did not apply to expire limitation in this case. The matter was remitted to the adjudicating authority to decide the Section 7 application on merits in accordance with law, treating it as timely filed.
The SC allowed the appeal, setting aside the dismissal of the Section 7 application under the IBC on limitation grounds. The Court held that the entry in the respondent's Balance Sheet for FY 2019-20 constituted a valid acknowledgment of debt under Section 18 of the Limitation Act, 1963, thereby restarting the limitation period. Applying Section 238A of the IBC and Article 137 of the Limitation Act, the Court found the application filed on 15.01.2024 to be within the permissible limitation period, commencing from the acknowledgment dated 12.08.2020. The prior exclusion period under the Court's earlier order did not apply to expire limitation in this case. The matter was remitted to the adjudicating authority to decide the Section 7 application on merits in accordance with law, treating it as timely filed.
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