The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted a Section 7 application filed by Punjab National Bank (the Financial Creditor) against Jailaxmi Sugar Products (Nitali) Private Limited (the Corporate Debtor) under the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, Mr. Vijay Sitaram Dandnaik, challenged the NCLT's order, arguing that the application was barred by limitation. The NCLT order was based on the premise that the Corporate Debtor had received the debt amount and acknowledged its liability to repay it. The NCLT also noted that the Corporate Debtor had not made any payments to the Applicant and that the date of default was the date of classification of the Corporate Debtor's

The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted a Section 7 application filed by Punjab National Bank (the Financial Creditor) against Jailaxmi Sugar Products (Nitali) Private Limited (the Corporate Debtor) under the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant, Mr. Vijay Sitaram Dandnaik, challenged the NCLT's order, arguing that the application was barred by limitation. The NCLT order was based on the premise that the Corporate Debtor had received the debt amount and acknowledged its liability to repay it. The NCLT also noted that the Corporate Debtor had not made any payments to the Applicant and that the date of default was the date of classification of the Corporate Debtor's