https://www.taxtmi.com/caselaws?id=279810 The Tribunal dismissed the petition for initiating a corporate insolvency resolution process as time-barred. The debt became due on 26.02.2013, and the application was filed on 27.04.2018, exceeding the three-year limitation period under the Limitation Act, 1963. Despite a Debt Settlement Agreement in 2017, the debt remained unpaid. The Tribunal applied the retrospective nature of the Limitation Act to insolvency proceedings, emphasizing the necessity of timely acknowledgment of debt to prevent being barred by limitation statutes. en-us Fri, 17 Aug 2018 00:00:00 +0530 Sat, 06 Apr 2019 05:57:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279810 The Tribunal dismissed the petition for initiating a corporate insolvency resolution process as time-barred. The debt became due on 26.02.2013, and the application was filed on 27.04.2018, exceeding the three-year limitation period under the Limitation Act, 1963. Despite a Debt Settlement Agreement in 2017, the debt remained unpaid. The Tribunal applied the retrospective nature of the Limitation Act to insolvency proceedings, emphasizing the necessity of timely acknowledgment of debt to prevent being barred by limitation statutes. Case-Laws Insolvency and Bankruptcy Fri, 17 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279810