Summary
- The NCLAT, New Delhi, has dismissed Abhijit Jasrasaria's appeal against JOP International Ltd., ruling that his application under Section 7 of the Insolvency and Bankruptcy Code is time-barred.
- Jasrasaria claimed a default date of 24.10.2010 regarding a Buyers’ Agreement for shops, but the Tribunal emphasized that limitation commenced from this date.
- Despite arguing that the ongoing non-delivery of possession constituted a continuing cause of action, the NCLAT found no grounds to extend the limitation period.
- This ruling underscores the importance of adhering to statutory timelines in insolvency applications, potentially impacting future claims under similar circumstances.
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