2024 (12) TMI 1098 - SCH - IBC

Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - time limitation - Whether the relevant column in Section 7 Application having not been amended by Respondent No.1, other materials can be looked into for the purposes of finding an acknowledgement within the meaning of Section 18 of the Limitation Act? - it was held by CESTAT that 'The acknowledgement continues in balance sheets as on 31st March, 2016 and 31st March, 2017. Hence, the Application under Section 7 of the IBC filed in 26th December 2018 is well within limitation and has rightly been admitted by the Adjudicating Authority.' HELD THAT - It is not required to interfere with the order passed by the National Company Law Appellate Tribunal - The Civil Appeals are dismissed.

Summary

The Supreme Court dismissed the Civil Appeals and did not interfere with the order passed by the National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) No.385/2020.