Shankar Khandelwal vs Omkara Asset Reconstruction Pvt. Ltd

The Supreme Court examined whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by a secured financial creditor, was within the prescribed period of limitation. The Court upheld the validity of the NCLAT and NCLT decisions, affirming the initiation of the Corporate Insolvency Resolution Process (CIRP). The key issue was the timeliness of the application, which is crucial for maintaining the integrity of insolvency proceedings. The Court ultimately dismissed the appeal, confirming the procedural correctness of the insolvency process.