PUNJAB NATIONAL BANK vs VIJAY SITARAM DANDNAIK

The Supreme Court addressed the appeal by Punjab National Bank regarding the reversal of its petition under Section 7 of the Insolvency and Bankruptcy Code by the NCLAT, which ruled the application was barred by limitation. The court examined the timeline of events including loan sanctions, defaults, and notices issued by the bank. Ultimately, the court's decision clarified the applicability of limitation periods in insolvency proceedings, emphasizing the importance of timely action by creditors.