Supreme Court Quashes NCLT Insolvency Admission Over Limitation

Supreme Court allows appeal by Shankar Khandelwal against NCLAT order upholding CIRP admission.
Court rules Section 7 petition filed in 2024 was time-barred as default occurred on 06.12.2016.
Holds IRP's claim admission in first CIRP does not constitute valid acknowledgment under Limitation Act.
Excludes Covid period and moratorium time but finds petition filed 53 days after limitation expired.