Accounting Adjustments Can’t Extend Limitation for ₹1.4 Crore Debt: NCLAT Delhi

Heena Metal Private Limited Vs Global Extrusions Pvt. Ltd. (NCLAT Delhi) The appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 challenged the order dated 29.11.2023 passed by the National Company Law Tribunal, Ahmedabad, dismissing a Section 9 insolvency petition filed for recovery of an operational debt of ₹1,44,39,812 (principal ₹1,19,67,353 and interest ₹24,72,466). The Appellant, an operational creditor engaged in manufacturing and trading metals, had business dealings with the Respondent, a manufacturer of brass products. The Appellant supplied goods from its Jamna...