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Supreme Court Affirms NCLAT Decision: Section 9 Insolvency Application Barred by Time, Dismisses Creditor's Appeal.
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....Maintainability of section 9 application - initiation of CIRP - It was held by NCLAT that The present was a case filed by the Operational Creditor only for recovery of its contractual dues with regard to default committed as per the case of the Appellant on 30.04.2015 for stage 1 and 23.10.2018 for stage 2. The Adjudicating Authority did not commit any error in rejecting Section 9 application as barred by time. - Now the Supreme Court, 3 member bench, has dismissed the appeal against the decision of NCLAT.....