NCLT Rejects Insolvency Application as Time-Barred; Creditor Missed 3-Year Limit After Default Date.

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....Initiation of CIRP - NCLT dismissed the application - even though the operational creditor sent an e-mail dated 1.6.2016 mentioning the outstanding amount for payment, and debit note was also included in the ledger account dated 31.3.2016, no acknowledgement of the liability has been made in writing by the corporate debtor. In such a situation, the date of default has to be computed from the date of last payment i.e. 4.9.2015 - the three years’ period shall be over on 3.9.2018 and since the application under section 9 was filed on 4.12.2018, it is clearly beyond the period of limitation and hence is barred as being out of limitation. - AT....