The Appellant challenged the admission of the Section 7 application filed by the Financial Creditor,...

The Appellant challenged the admission of the Section 7 application filed by the Financial Creditor, contending no debt was due as the application was premature. The Tribunal held that the Financial Creditor proved disbursement of the loan through bank statements and balance sheets reflecting the loan amount under long-term borrowings, increasing over subsequent years due to interest accrual. The Appellant's claim that the balance sheet entry pertained to a loan from another entity was rejected as false and misleading. Regarding limitation, the Tribunal held that continuous reflection of the debt in balance sheets constituted acknowledgment u/s 18 of the Limitation Act, rendering the application within time. The Appellant's contention of pr..... .....

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