The National Company Law Tribunal (NCLT), Mumbai Bench has admitted the CIRP application made by Abhyudaya Co-Operative Bank Ltd against A. Navinchandra Steels Private Limited and rejected the Corporate Debtor’s contention that the filing of the corporate insolvency case was time-barred.
The Bench comprising Nilesh Sharma (Judicial Member) and Sameer Kakar, (Technical Member) observed that since the arbitral award dated 05th November, 2022 gave rise to a new cause of action for the initiation of the insolvency process under the Insolvency and Bankruptcy Code, the period of limitation stood extended till 05th November, 2025 while the Section 7 application was filed on 25th October, 2025, being within limitation.
The NCLT…