https://www.taxtmi.com/caselaws?id=440557 The court dismissed the writ petition challenging the NCLT order dated 30.03.2021, which initiated liquidation after dismissing an interlocutory application under Section 60(5) of the IBC. The court found the application under Section 7 of the IBC not barred by limitation due to debt acknowledgment within the limitation period. Non-disclosure of material facts and failure to join a necessary party led to the petition's dismissal. The court highlighted the availability of an alternative remedy under Section 61 of the IBC, emphasizing the importance of adhering to statutory limitation periods. The interim order was vacated, and no costs were awarded. en-us Thu, 13 Apr 2023 00:00:00 +0530 Thu, 20 Jul 2023 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440557 The court dismissed the writ petition challenging the NCLT order dated 30.03.2021, which initiated liquidation after dismissing an interlocutory application under Section 60(5) of the IBC. The court found the application under Section 7 of the IBC not barred by limitation due to debt acknowledgment within the limitation period. Non-disclosure of material facts and failure to join a necessary party led to the petition's dismissal. The court highlighted the availability of an alternative remedy under Section 61 of the IBC, emphasizing the importance of adhering to statutory limitation periods. The interim order was vacated, and no costs were awarded. Case-Laws Insolvency and Bankruptcy Thu, 13 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440557