https://www.taxtmi.com/caselaws?id=767969 The NCLAT dismissed the financial creditor's appeal against rejection of a Section 7 application on limitation grounds. The corporate debtor's balance sheet for FY 2019-20 was signed on 12.08.2020, which constituted acknowledgment of debt under Section 18 of the Limitation Act, extending the limitation period by three years. However, the Section 7 petition filed on 15.01.2024 remained time-barred even after considering the Supreme Court's suo moto COVID-19 extension orders. The NCLAT held that the date of signing the balance sheet, not its uploading on the MCA portal, determines the acknowledgment date for limitation purposes. The appeal was dismissed as the adjudicating authority correctly applied limitation principles. en-us Tue, 25 Mar 2025 00:00:00 +0530 Fri, 28 Mar 2025 08:31:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767969 The NCLAT dismissed the financial creditor's appeal against rejection of a Section 7 application on limitation grounds. The corporate debtor's balance sheet for FY 2019-20 was signed on 12.08.2020, which constituted acknowledgment of debt under Section 18 of the Limitation Act, extending the limitation period by three years. However, the Section 7 petition filed on 15.01.2024 remained time-barred even after considering the Supreme Court's suo moto COVID-19 extension orders. The NCLAT held that the date of signing the balance sheet, not its uploading on the MCA portal, determines the acknowledgment date for limitation purposes. The appeal was dismissed as the adjudicating authority correctly applied limitation principles. Case-Laws IBC Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767969