https://www.taxtmi.com/caselaws?id=447334 NCLAT Principal Bench dismissed appeal challenging admission of Section 7 application under IBC. Corporate debtor argued application was time-barred as default occurred on 31.03.2015 when account became NPA, but Section 7 application was filed on 01.11.2021. NCLAT held Letter of Acceptance dated 24.04.2019 constituted fresh agreement acknowledging debt, creating new limitation period. Since application was filed within three years of 24.04.2019, it was within prescribed limitation. Adjudicating Authority correctly admitted the application as debt and default were established and limitation objection lacked merit. en-us Fri, 22 Dec 2023 00:00:00 +0530 Sat, 23 Dec 2023 09:42:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447334 NCLAT Principal Bench dismissed appeal challenging admission of Section 7 application under IBC. Corporate debtor argued application was time-barred as default occurred on 31.03.2015 when account became NPA, but Section 7 application was filed on 01.11.2021. NCLAT held Letter of Acceptance dated 24.04.2019 constituted fresh agreement acknowledging debt, creating new limitation period. Since application was filed within three years of 24.04.2019, it was within prescribed limitation. Adjudicating Authority correctly admitted the application as debt and default were established and limitation objection lacked merit. Case-Laws Insolvency and Bankruptcy Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447334