Non-maintainability of application u/s 9 of IBC as being time-barred

Vasavi Power Services Pvt. Ltd Vs Promac Engineering Industries Ltd. (NCLAT Chennai) Conclusion: Application under section 9 of IBC against the corporate debtor was dismissed for being exceeded the limitation period prescribed by law. Held: Assessee-company had challenged an order passed by the National Company Law Tribunal ( NCLT ) which dismissed its Section 9 application under the IBC, against the corporate debtor for being time-barred. NCLT held that the application exceeded the limitation period prescribed by law. Assessee had filed the application on April 17, 2023, alleging a payment de...