https://www.taxtmi.com/caselaws?id=763374 NCLAT Principal Bench allowed the appeal, setting aside NCLT's order dated 24.04.2023. The tribunal held that a decree holder qualifies as a Financial Creditor under IBC when debt arises from financial transactions, as evidenced by the settlement agreement. The Section 7 petition was not barred by limitation since respondent's acknowledgments before Delhi HC on multiple dates in 2018 extended the limitation period under Section 18 of Limitation Act, 1963. The petition filed in October 2019 was within the extended limitation period, and NCLT erred in dismissing it on limitation grounds. en-us Tue, 17 Dec 2024 00:00:00 +0530 Wed, 18 Dec 2024 13:10:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763374 NCLAT Principal Bench allowed the appeal, setting aside NCLT's order dated 24.04.2023. The tribunal held that a decree holder qualifies as a Financial Creditor under IBC when debt arises from financial transactions, as evidenced by the settlement agreement. The Section 7 petition was not barred by limitation since respondent's acknowledgments before Delhi HC on multiple dates in 2018 extended the limitation period under Section 18 of Limitation Act, 1963. The petition filed in October 2019 was within the extended limitation period, and NCLT erred in dismissing it on limitation grounds. Case-Laws IBC Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763374