New Bharat Refractories Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Dhendai Tea and Industries Pvt. Ltd. (Corporate Debtor). The Adjudicating Authority, Kolkata Bench, dismissed the application, stating it was barred by limitation. The Appellant, New Bharat Refractories Ltd., argued that evidence suggested the debt was payable and not time-barred. The Respondent, Dhendai Tea and Industries Pvt. Ltd., argued that the application under Section 7 was barred by limitation. The record showed the date of default, and the application was filed on 10th October, 2018. The loan amount became due and payable after the expiry of the period on 31st March, 2015.

New Bharat Refractories Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Dhendai Tea and Industries Pvt. Ltd. (Corporate Debtor). The Adjudicating Authority, Kolkata Bench, dismissed the application, stating it was barred by limitation. The Appellant, New Bharat Refractories Ltd., argued that evidence suggested the debt was payable and not time-barred. The Respondent, Dhendai Tea and Industries Pvt. Ltd., argued that the application under Section 7 was barred by limitation. The record showed the date of default, and the application was filed on 10th October, 2018. The loan amount became due and payable after the expiry of the period on 31st March, 2015.