https://www.taxtmi.com/caselaws?id=757575 NCLAT Principal Bench dismissed the appeal challenging admission of Section 7 application filed by financial creditor. The tribunal found that loan disbursement was proven through bank statements and balance sheet entries from 2010-11, with subsequent years showing increasing amounts due to interest accumulation. Corporate debtor's claim that loan agreement was fabricated was rejected as misleading, particularly since debtor acknowledged disbursement in balance sheets but failed to prove repayment. The tribunal held continuous acknowledgement existed through balance sheet entries, making the application not time-barred under Limitation Act. Corporate debtor's contention of premature application was dismissed as inconsistent with their own claim of forged agreement. en-us Wed, 14 Aug 2024 00:00:00 +0530 Tue, 27 Aug 2024 18:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757575 NCLAT Principal Bench dismissed the appeal challenging admission of Section 7 application filed by financial creditor. The tribunal found that loan disbursement was proven through bank statements and balance sheet entries from 2010-11, with subsequent years showing increasing amounts due to interest accumulation. Corporate debtor's claim that loan agreement was fabricated was rejected as misleading, particularly since debtor acknowledged disbursement in balance sheets but failed to prove repayment. The tribunal held continuous acknowledgement existed through balance sheet entries, making the application not time-barred under Limitation Act. Corporate debtor's contention of premature application was dismissed as inconsistent with their own claim of forged agreement. Case-Laws Insolvency and Bankruptcy Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757575