Mere Running Account Statements Don’t Save Limitation Period: NCLT Mumbai

The Mumbai Bench of the NCLT dismissed an insolvency plea filed by Tricon Infra Buildtech Private Limited against Pony Infrastructures and Contractors Limited, holding that mere entries in a running account are insufficient to extend the limitation period.

The Tribunal observed that the creditor relied on ledger accounts and running account statements to argue that the debt remained acknowledged.

However, it found that there was no acknowledgment from the corporate debtor to support this claim.

Since the application was filed beyond the prescribed limitation period and no valid acknowledgment was shown, the NCLT rejected the plea as time-barred.

[Tricon Infra Buildtech Pvt. Ltd. v. Pony Infrastructures & Contractors Ltd.]