https://www.taxtmi.com/caselaws?id=762366 The NCLAT upheld the NCLT's decision to admit the corporate debtor into CIRP under Section 7 of IBC, 2016. The tribunal found that financial debt exceeding Rs. 1 crore, including interest, was established through ledger accounts and demand letters. The debt was acknowledged by the corporate debtor's director in financial years 2016-17, 2017-18, and 2018-19, with the last acknowledgment dated 01.04.2019. Despite the three-year limitation period expiring on 31.03.2022, the petition filed on 30.05.2022 was within limitation after excluding the COVID-19 period (15.03.2020 to 28.02.2022) as per SC directions in Suo Moto Writ Petition No. 3 of 2020. The appeal was dismissed as devoid of merit. en-us Fri, 29 Nov 2024 00:00:00 +0530 Fri, 29 Nov 2024 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762366 The NCLAT upheld the NCLT's decision to admit the corporate debtor into CIRP under Section 7 of IBC, 2016. The tribunal found that financial debt exceeding Rs. 1 crore, including interest, was established through ledger accounts and demand letters. The debt was acknowledged by the corporate debtor's director in financial years 2016-17, 2017-18, and 2018-19, with the last acknowledgment dated 01.04.2019. Despite the three-year limitation period expiring on 31.03.2022, the petition filed on 30.05.2022 was within limitation after excluding the COVID-19 period (15.03.2020 to 28.02.2022) as per SC directions in Suo Moto Writ Petition No. 3 of 2020. The appeal was dismissed as devoid of merit. Case-Laws IBC Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762366