R.B. Synthetics & Anr. (Financial Creditors) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against M/s. Bee Ceelene Textile Mills Private Limited. The Adjudicating Authority (National Company Law Tribunal) Ahmedabad Bench, Ahmedabad, rejected the application on the ground of limitation. The Appellants argued they were entitled to an extension of the period under Section 5 of the Limitation Act, 1963, as they had sufficient cause for not preferring the application within the period, citing a pending dispute and petition filed under Sections 397 and 398 of the Companies Act, 1956. The Adjudicating Authority found that the default occurred in 2012, and the application was filed on

R.B. Synthetics & Anr. (Financial Creditors) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against M/s. Bee Ceelene Textile Mills Private Limited. The Adjudicating Authority (National Company Law Tribunal) Ahmedabad Bench, Ahmedabad, rejected the application on the ground of limitation. The Appellants argued they were entitled to an extension of the period under Section 5 of the Limitation Act, 1963, as they had sufficient cause for not preferring the application within the period, citing a pending dispute and petition filed under Sections 397 and 398 of the Companies Act, 1956. The Adjudicating Authority found that the default occurred in 2012, and the application was filed on