https://www.taxtmi.com/caselaws?id=761815 NCLAT dismissed appeal challenging admission of Section 7 application filed by financial creditor. Tribunal held financial debt was established through ledger entries showing interest payments and TDS, confirmed by corporate debtor's letter dated 20.08.2020 admitting loan. Application filed on 20.01.2023 was not time-barred as corporate debtor's written promise to repay on 20.08.2020 triggered fresh limitation period under Section 25(3) of Indian Contract Act. Section 10A did not bar application since default occurred before Section 10A period commenced. Corporate debtor's promise to allot residential premises developed by director could not extinguish financial debt owed by company. en-us Tue, 29 Oct 2024 00:00:00 +0530 Fri, 15 Nov 2024 17:34:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761815 NCLAT dismissed appeal challenging admission of Section 7 application filed by financial creditor. Tribunal held financial debt was established through ledger entries showing interest payments and TDS, confirmed by corporate debtor's letter dated 20.08.2020 admitting loan. Application filed on 20.01.2023 was not time-barred as corporate debtor's written promise to repay on 20.08.2020 triggered fresh limitation period under Section 25(3) of Indian Contract Act. Section 10A did not bar application since default occurred before Section 10A period commenced. Corporate debtor's promise to allot residential premises developed by director could not extinguish financial debt owed by company. Case-Laws IBC Tue, 29 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761815