2024 (2) TMI 679 - SCH - Insolvency and Bankruptcy

Initiation of CIRP - NCLT admitted the application u/s 7 - period of limitation - case is that Section 7 application which was filed after 18 years in October 2019 was way beyond the prescribed limitation period of 3 years under Section 18 of the Limitation Act, 1963 and thus the petition stood barred by limitation - it was held by NCLAT that There are no error in the impugned order passed by the Adjudicating Authority admitting the Section 7 application - HELD THAT - There are no reason to interfere with the impugned order dated 17 November 2023 passed by the National Company Law Appellate Tribunal - appeal dismissed.

Summary

The Supreme Court dismissed the Civil Appeal and upheld the order passed by the National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) No 1281 of 2023. Any pending applications were disposed of.