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Informative

NCLAT upholds Dismissal of S.9 IBC Petition as Time-Barred due to Expiry of Limitation Period

Update / Judgement Date

02 Jan 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Insolvency & Bankruptcy Code

The NCLAT has upheld the dismissal of a petition under the Insolvency and Bankruptcy Code (IBC) due to the expiry of the limitation period. The tribunal confirmed that the petition was time-barred and could not be admitted. This ruling highlights the importance of adhering to statutory time limits for filing applications under the IBC. Creditors and other parties seeking relief under the IBC must ensure that their claims are made within the prescribed time frame to avoid dismissal.