https://www.taxtmi.com/caselaws?id=752574 NCLAT dismissed appeal challenging admission of Section 7 application filed by financial creditor. The court held that default date was correctly determined as 14.02.2020 when account was declared NPA, not the working capital renewal date of 25.07.2020. NCLAT ruled that renewal of working capital limit is unrelated to default in financial obligations. The application was not time-barred under Section 10A of IBC. The Adjudicating Authority properly found existence of debt and default, correctly admitting the Section 7 application. Appeal lacked merit and was dismissed. en-us Tue, 07 May 2024 00:00:00 +0530 Mon, 13 May 2024 22:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752574 NCLAT dismissed appeal challenging admission of Section 7 application filed by financial creditor. The court held that default date was correctly determined as 14.02.2020 when account was declared NPA, not the working capital renewal date of 25.07.2020. NCLAT ruled that renewal of working capital limit is unrelated to default in financial obligations. The application was not time-barred under Section 10A of IBC. The Adjudicating Authority properly found existence of debt and default, correctly admitting the Section 7 application. Appeal lacked merit and was dismissed. Case-Laws Insolvency and Bankruptcy Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752574