The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that a fresh period of limitation under Section 18 of the Limitation Act, 1963 (Limitation Act) for the purpose of filing an application under section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) begins from the date the balance sheet is signed by the authorized signatories of the corporate debtor, not from the date it is uploaded on the Ministry of Corporate Affairs (MCA) website.
Brief Facts:
A Loan Agreement had been executed between the IL&FS Financial Services Ltd (Financial Creditor) and the Adhunik Meghalaya Steels Pvt. Ltd. (Corporate Debtor) on 27.02.2015 for a…
