https://www.taxtmi.com/caselaws?id=289744 The Tribunal set aside the NCLT's order admitting the Section 7 application, declaring it barred by limitation since the default occurred in 2002 when the account was declared NPA. The acknowledgment of debt in Balance Sheets did not extend the limitation period. Consequently, all actions by the Interim Resolution Professional were deemed illegal, and the Corporate Debtor was allowed to resume operations through its Board of Directors. The Tribunal directed the Adjudicating Authority to determine the fees and costs associated with the corporate insolvency resolution process, to be borne by the Financial Creditor. en-us Thu, 12 Mar 2020 00:00:00 +0530 Thu, 14 Nov 2024 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289744 The Tribunal set aside the NCLT's order admitting the Section 7 application, declaring it barred by limitation since the default occurred in 2002 when the account was declared NPA. The acknowledgment of debt in Balance Sheets did not extend the limitation period. Consequently, all actions by the Interim Resolution Professional were deemed illegal, and the Corporate Debtor was allowed to resume operations through its Board of Directors. The Tribunal directed the Adjudicating Authority to determine the fees and costs associated with the corporate insolvency resolution process, to be borne by the Financial Creditor. Case-Laws IBC Thu, 12 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289744