NCLAT rules Section 7 insolvency proceedings not time-barred due to debt acknowledgment in balance sheets and compromise memorandum.

The NCLAT held that the proceedings u/s 7 of the I&B Code were not barred by limitation. The acknowledgment of debt in the balance sheets and the Memorandum of Compromise extended the limitation period, validating the Section 7 application. The appeal was dismissed. .....

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