https://www.taxtmi.com/caselaws?id=763454 NCLAT Principal Bench set aside the Adjudicating Authority's dismissal of Section 7 IBC application. The tribunal found that confirmation of accounts was not forged despite respondent's claims, as it was issued by the group company's Chief Accountant with proper email correspondence. The petition was not barred by limitation since acknowledgment of debt through confirmation of accounts and TDS deductions in FY 2020-21 provided fresh starting point, making the December 2022 application timely. The amount qualified as financial debt under Section 5(8) IBC with sufficient material establishing debt and default. Corporate debtor ordered to proceed under Section 7 of the Code. en-us Wed, 18 Dec 2024 00:00:00 +0530 Fri, 20 Dec 2024 08:46:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763454 NCLAT Principal Bench set aside the Adjudicating Authority's dismissal of Section 7 IBC application. The tribunal found that confirmation of accounts was not forged despite respondent's claims, as it was issued by the group company's Chief Accountant with proper email correspondence. The petition was not barred by limitation since acknowledgment of debt through confirmation of accounts and TDS deductions in FY 2020-21 provided fresh starting point, making the December 2022 application timely. The amount qualified as financial debt under Section 5(8) IBC with sufficient material establishing debt and default. Corporate debtor ordered to proceed under Section 7 of the Code. Case-Laws IBC Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763454