https://www.taxtmi.com/caselaws?id=112380 In an instalment-based lease, interest on delayed payments was held to accrue separately for each defaulted instalment under the contract clause fixing the charging period. Limitation under Article 137 of the Limitation Act ran from the date each instalment was belatedly paid, not from expiry of the lease term, so the claim was not treated as one consolidated demand. A letter relied on as part payment did not amount to an acknowledgment of interest liability and was also outside the three-year period. Fresh calculations were directed on the basis of the petition date and the preceding three years, leaving some claims time-barred and others within time. en-us Mon, 10 Jul 2006 00:00:00 +0530 Fri, 27 Apr 2012 18:37:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112380 In an instalment-based lease, interest on delayed payments was held to accrue separately for each defaulted instalment under the contract clause fixing the charging period. Limitation under Article 137 of the Limitation Act ran from the date each instalment was belatedly paid, not from expiry of the lease term, so the claim was not treated as one consolidated demand. A letter relied on as part payment did not amount to an acknowledgment of interest liability and was also outside the three-year period. Fresh calculations were directed on the basis of the petition date and the preceding three years, leaving some claims time-barred and others within time. Case-Laws Companies Law Mon, 10 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112380