https://www.taxtmi.com/caselaws?id=759181 NCLAT dismissed the appeal challenging rejection of Section 7 application as time-barred. The court determined actual default date was 26.02.2001 (not 01.06.2019 as claimed), making the application filed on 19.12.2019 beyond the three-year limitation period under Article 137. While NCLAT allowed exclusion of periods during SICA proceedings (12.09.2002 to 06.06.2006 and 23.11.2006 to 29.09.2010), subsequent acknowledgments in 2015-16 balance sheet occurred after limitation period expired. The court upheld the adjudicating authority's decision that the application was filed well beyond permissible time limits. en-us Wed, 25 Sep 2024 00:00:00 +0530 Thu, 26 Sep 2024 08:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759181 NCLAT dismissed the appeal challenging rejection of Section 7 application as time-barred. The court determined actual default date was 26.02.2001 (not 01.06.2019 as claimed), making the application filed on 19.12.2019 beyond the three-year limitation period under Article 137. While NCLAT allowed exclusion of periods during SICA proceedings (12.09.2002 to 06.06.2006 and 23.11.2006 to 29.09.2010), subsequent acknowledgments in 2015-16 balance sheet occurred after limitation period expired. The court upheld the adjudicating authority's decision that the application was filed well beyond permissible time limits. Case-Laws IBC Wed, 25 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759181