https://www.taxtmi.com/caselaws?id=450508 The NCLAT dismissed an appeal challenging the rejection of a Section 9 petition under the Insolvency and Bankruptcy Code. The Adjudicating Authority had dismissed the petition on limitation grounds, finding that 26 invoices were time-barred as the default occurred over three years prior to filing. The NCLAT upheld this decision, noting absence of documentary evidence supporting the appellant's claim of a running account between parties. The Corporate Debtor had categorically denied owing any operational debt. The tribunal emphasized that IBC forums cannot substitute money recovery proceedings, affirming that Article 137 of the Limitation Act applies to Section 9 applications. en-us Tue, 05 Mar 2024 00:00:00 +0530 Thu, 07 Mar 2024 06:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450508 The NCLAT dismissed an appeal challenging the rejection of a Section 9 petition under the Insolvency and Bankruptcy Code. The Adjudicating Authority had dismissed the petition on limitation grounds, finding that 26 invoices were time-barred as the default occurred over three years prior to filing. The NCLAT upheld this decision, noting absence of documentary evidence supporting the appellant's claim of a running account between parties. The Corporate Debtor had categorically denied owing any operational debt. The tribunal emphasized that IBC forums cannot substitute money recovery proceedings, affirming that Article 137 of the Limitation Act applies to Section 9 applications. Case-Laws Insolvency and Bankruptcy Tue, 05 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450508