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        Case ID :
        IBC

        NCLAT affirmed the AA's admission of the Section 7 application,...

        Admission of Section 7 petition upheld; Rs.2,50,00,000 deemed financial debt under Section 5(8); Section 18 extended limitation

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                NCLAT affirmed the AA's admission of the Section 7 application, dismissing the appeal. The Tribunal held the asserted Rs.2,50,00,000 obligation constituted "financial debt" under Section 5(8) of the IBC, noting consistent acknowledgement in the corporate debtor's audited balance sheets for FY 2017-18, 2018-19, 2020-21, 2021-22 and 2022-23. Pursuant to Section 18 of the Limitation Act, those acknowledgements extended the limitation period, rendering the Section 7 petition filed on 30.03.2024 time-barred. On review of materials, the AA correctly found debt and default; no infirmity was shown in admitting the petition. The appeal lacked merit and was dismissed.
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