NCLT Rejects Time-Barred Section 7 IBC Petition

The Tribunal held that the application was barred by limitation as the subsequent DRT review order merely corrected apparent errors and did not shift the date of default or create a fresh cause of action. 

It further held that an unaccepted one-time settlement (OTS) proposal submitted on a "without prejudice" basis neither constituted an acknowledgment under Section 18 of the Limitation Act nor a fresh promise under Section 25 of the Indian Contract Act.