Limitation for insolvency application extended by acknowledgment of debt, defeating the time-bar objection and ending the appeal.

An application under the Insolvency and Bankruptcy Code was challenged as time-barred on the basis of the alleged default date, but the limitation objection failed because acknowledgment of debt extended time under the Limitation Act. The Court treated the uncontroverted plea in the rejoinder as supporting acknowledgment and held that the appellant's default-date argument did not displace the finding of extension under the acknowledgment rule. The appeal was dismissed.

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Issues: Whether the application under Section 95 of the Insolvency and Bankruptcy Code, 2016 was barred by limitation in view of the alleged default date.

Analysis: The default date relied upon by the appellant did not displace the finding that the limitation period stood extended on account of acknowledgment of debt. The objection of limitation was rejected by reference to Section 18 of the Limitation Act, 1963, and the rejoinder contained an uncontroverted plea of acknowledgment supporting extension of time.

Conclusion: The limitation objection failed and the appeal was dismissed.

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