NCLAT Dismisses Punjab National Bank’s Appeal, Upholds NCLT Order Rejecting Section 7 Plea against Concast Morena as Time-Barred

The NCLAT rejected Punjab National Bank’s appeal challenging an NCLT order that dismissed its Section 7 application under the IBC as time-barred. The Tribunal noted that the limitation period to file insolvency proceedings had expired and the bank failed to justify any valid ground for condonation of delay. The decision reaffirmed that applications under Section 7 must be filed within the statutory limitation period, usually three years from the date of default. This ruling reiterates strict compliance with timelines under the IBC and serves as a cautionary precedent for creditors seeking to initiate insolvency actions after undue delay.