https://www.taxtmi.com/caselaws?id=752625 The NCLAT dismissed an appeal challenging the admission of a Section 7 application under the IBC. The appellant argued the application was barred by Section 10A's three-year limitation period from the default date of 08.08.2018. The NCLAT held that since the default occurred before the Section 10A period, the limitation bar did not apply. Additionally, the corporate debtor's OTS proposals in 2020 constituted acknowledgment of debt under Section 18 of the Limitation Act, extending the limitation period. A consent decree was also passed by DRT on 26.04.2022, providing another three-year period for filing applications. The Section 7 application filed on 13.03.2023 was within the permissible timeframe. en-us Mon, 13 May 2024 00:00:00 +0530 Tue, 14 May 2024 20:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752625 The NCLAT dismissed an appeal challenging the admission of a Section 7 application under the IBC. The appellant argued the application was barred by Section 10A's three-year limitation period from the default date of 08.08.2018. The NCLAT held that since the default occurred before the Section 10A period, the limitation bar did not apply. Additionally, the corporate debtor's OTS proposals in 2020 constituted acknowledgment of debt under Section 18 of the Limitation Act, extending the limitation period. A consent decree was also passed by DRT on 26.04.2022, providing another three-year period for filing applications. The Section 7 application filed on 13.03.2023 was within the permissible timeframe. Case-Laws Insolvency and Bankruptcy Mon, 13 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752625