IBC Proceedings Invalidated After NCLAT Finds Both Limitation & Threshold Not Met

Ahio Overseas LLP Vs Gokal Iron & Hardware Traders (LDH) (NCLAT Delhi) The appeal was filed by the Corporate Debtor challenging the order dated 9 September 2024 passed by the National Company Law Tribunal, Chandigarh Bench, admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor’s application sought recovery of Rs. 1,71,28,172/-, comprising a principal amount of Rs. 84,88,307/- and interest of Rs. 86,39,865/- calculated from 9 November 2016 to 30 June 2020. The appellant argued that the Section 9 application was barred by limitation....