Il And Fs Financial Services Limited vs Adhunik Meghalaya Steels Private ...

The Supreme Court examined whether the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunal (NCLT) were justified in dismissing an insolvency application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, on the grounds of limitation. The Court analyzed the timeline of the loan agreement, default declaration, and the filing date of the application, ultimately holding that the application was barred by limitation. The Court emphasized the importance of adhering to statutory timelines in insolvency proceedings and upheld the dismissal of the application.