https://www.taxtmi.com/caselaws?id=352973 Limitation does not automatically bar a Section 7 insolvency application where the claim is continuing and interest or liability accrues periodically. The NCLAT relied on its earlier view that the Limitation Act, 1963 does not prevent initiation of corporate insolvency proceedings in the manner urged, and that stale claims may instead be assessed through delay, laches, and whether a continuing cause of action exists. It also noted that Article 137 of the Limitation Act was relevant to the right to apply under the Insolvency and Bankruptcy Code, which arose only on commencement of the Code. The limitation objection was rejected and the admission order was upheld. en-us Wed, 15 Nov 2017 00:00:00 +0530 Wed, 03 Jan 2018 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352973 Limitation does not automatically bar a Section 7 insolvency application where the claim is continuing and interest or liability accrues periodically. The NCLAT relied on its earlier view that the Limitation Act, 1963 does not prevent initiation of corporate insolvency proceedings in the manner urged, and that stale claims may instead be assessed through delay, laches, and whether a continuing cause of action exists. It also noted that Article 137 of the Limitation Act was relevant to the right to apply under the Insolvency and Bankruptcy Code, which arose only on commencement of the Code. The limitation objection was rejected and the admission order was upheld. Case-Laws Insolvency and Bankruptcy Wed, 15 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352973