2019 (8) TMI 268

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..... 8, the application under Section 7 is well within the time and is not barred by limitation - Further, as the default has occurred after notice issued on 13th November, 2015 and application having been filed on 24th October, 2018, the claim is also not barred by limitation. The impugned order dated 25th February, 2019 upheld - appeal dismissed. - Company Appeal (AT) (Insolvency) No. 507 of 201 .....

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..... mits that the claim of the Bank and the date of default both are barred by limitation. However, we are not inclined to accept such submission. 3. Admittedly, the loan amount of the Corporate Debtor was classified as Non-Performing Assets (NPA) on 30th June, 2015 in accordance with the guidelines of the Reserve Bank of India . Even thereafter the Corporate Debtor having not p .....

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..... Any other application for which no period of limitation is provided elsewhere in this division. Three years When the right to apply accrues 5. The I B Code having come into force since 1st December, 2016 and the application having been filed on 24th October, 2018, we hold that the a .....

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