Insolvency and Bankruptcy Code, 2016 (IBC) — Section 7 — Application under — Limitation period — Calculation — Default date — Right to file application under Section 7 of IBC accrues on the date of default, which is when the corporate debtor first fails to discharge its repayment obligations — Limitation begins to run from the date of classification of the account as Non — Performing Asset (NPA) — Application filed beyond the prescribed period of limitation, even after considering extensions due to CIRP and Covid — 19 pandemic, is barred by limitation — NCLT and NCLAT orders admitting the application are quashed and set aside.
2026 INSC 429 SUPREME COURT OF INDIA DIVISION BENCH SHANKAR KHANDELWAL Vs. OMKARA ASSET RECONSTRUCTION PVT. LTD AND ANOTHER ( Before : Pamidighantam Sri Narasimha and Alok Aradhe, JJ. )…




