https://www.taxtmi.com/caselaws?id=764488 The NCLAT dismissed an appeal challenging Section 7 proceedings under the IBC 2016 on grounds of limitation. The appellant argued the underlying debt was time-barred, making the insolvency proceedings unsustainable. The NCLAT held that acknowledgment of debt through a Memorandum of Compromise and balance sheet entries extended the limitation period under Section 18 of the Limitation Act. Following the Dena Bank SC precedent, the tribunal determined the limitation period commenced from the date of debt acknowledgment in the settlement agreement, not from the original debt date, making the Section 7 proceedings valid and within limitation. en-us Mon, 06 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764488 The NCLAT dismissed an appeal challenging Section 7 proceedings under the IBC 2016 on grounds of limitation. The appellant argued the underlying debt was time-barred, making the insolvency proceedings unsustainable. The NCLAT held that acknowledgment of debt through a Memorandum of Compromise and balance sheet entries extended the limitation period under Section 18 of the Limitation Act. Following the Dena Bank SC precedent, the tribunal determined the limitation period commenced from the date of debt acknowledgment in the settlement agreement, not from the original debt date, making the Section 7 proceedings valid and within limitation. Case-Laws IBC Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764488