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NCLAT dismissed the appeal and upheld admission of the Section 7 application. The Tribunal found sufficient evidence that the sum of Rs. 50,00,000 constituted a financial debt advanced for time value of money, supported by TDS entries, 26AS records, matching ledger entries and acknowledgment in the CD's balance sheet dated 31.03.2017. The adjudicating authority correctly held that the first demand arose 04.04.2016, and the balance-sheet acknowledgment within the limitation period extended limitation under Section 18 of the Limitation Act, permitting filing within time. A written agreement was not prerequisite; documentary evidence established debt and default. The appeal lacked merit and was dismissed.
NCLAT dismissed the appeal and upheld admission of the Section 7 application. The Tribunal found sufficient evidence that the sum of Rs. 50,00,000 constituted a financial debt advanced for time value of money, supported by TDS entries, 26AS records, matching ledger entries and acknowledgment in the CD's balance sheet dated 31.03.2017. The adjudicating authority correctly held that the first demand arose 04.04.2016, and the balance-sheet acknowledgment within the limitation period extended limitation under Section 18 of the Limitation Act, permitting filing within time. A written agreement was not prerequisite; documentary evidence established debt and default. The appeal lacked merit and was dismissed.
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