https://www.taxtmi.com/caselaws?id=407259 The Tribunal dismissed the petition filed under Section 9 of the Insolvency and Bankruptcy Code by the Operational Creditor against the Corporate Debtor. The claim for a debt of Rs. 24,71,337 plus interest was rejected as time-barred under the Law of Limitation. The Tribunal found that the acknowledgment of liability was made beyond the prescribed period, triggering a fresh period of limitation. Consequently, the petition was deemed ineligible for admission, and the appointment of a Resolution Professional was left to the Adjudicating Authority's discretion. The additional documents submitted by the Operational Creditor were disposed of without any order on costs. en-us Tue, 20 Apr 2021 00:00:00 +0530 Wed, 05 May 2021 08:36:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407259 The Tribunal dismissed the petition filed under Section 9 of the Insolvency and Bankruptcy Code by the Operational Creditor against the Corporate Debtor. The claim for a debt of Rs. 24,71,337 plus interest was rejected as time-barred under the Law of Limitation. The Tribunal found that the acknowledgment of liability was made beyond the prescribed period, triggering a fresh period of limitation. Consequently, the petition was deemed ineligible for admission, and the appointment of a Resolution Professional was left to the Adjudicating Authority's discretion. The additional documents submitted by the Operational Creditor were disposed of without any order on costs. Case-Laws Insolvency and Bankruptcy Tue, 20 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407259