https://www.taxtmi.com/caselaws?id=761226 NCLAT Principal Bench allowed the appeal and set aside the lower tribunal's order on limitation grounds. The case involved a Section 7 application for debt resolution of Rs. 158.83 crores where accounts were declared NPA on 31.03.2015. The tribunal erroneously rejected the application as time-barred under Article 137 of Limitation Act, 1963. However, the debtor's payment of Rs. 2.65 crores in December 2016 constituted acknowledgment of liability under Sections 18-19, restarting the three-year limitation period from December 2016 to December 2019. Since the Section 7 application was filed in 2018, it was within the limitation period. The matter was remanded back to the tribunal for fresh consideration. en-us Tue, 05 Nov 2024 00:00:00 +0530 Thu, 07 Nov 2024 08:47:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761226 NCLAT Principal Bench allowed the appeal and set aside the lower tribunal's order on limitation grounds. The case involved a Section 7 application for debt resolution of Rs. 158.83 crores where accounts were declared NPA on 31.03.2015. The tribunal erroneously rejected the application as time-barred under Article 137 of Limitation Act, 1963. However, the debtor's payment of Rs. 2.65 crores in December 2016 constituted acknowledgment of liability under Sections 18-19, restarting the three-year limitation period from December 2016 to December 2019. Since the Section 7 application was filed in 2018, it was within the limitation period. The matter was remanded back to the tribunal for fresh consideration. Case-Laws IBC Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761226