https://www.taxtmi.com/caselaws?id=381888 A petition under the Insolvency and Bankruptcy Code was found to be time-barred because the default date was treated as 31.07.2009 and the three-year limitation period expired on 30.07.2012, while the petition was filed only on or after 24.06.2013. A notice under section 434 of the Companies Act, 1956 did not extend limitation because it did not cure the delayed filing of the petition. The balance sheets also did not amount to a clear acknowledgment of the specific debt, so limitation was not extended under section 18 of the Limitation Act, 1961. The petition was therefore rejected as barred by limitation. en-us Tue, 02 Apr 2019 00:00:00 +0530 Mon, 11 Nov 2024 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381888 A petition under the Insolvency and Bankruptcy Code was found to be time-barred because the default date was treated as 31.07.2009 and the three-year limitation period expired on 30.07.2012, while the petition was filed only on or after 24.06.2013. A notice under section 434 of the Companies Act, 1956 did not extend limitation because it did not cure the delayed filing of the petition. The balance sheets also did not amount to a clear acknowledgment of the specific debt, so limitation was not extended under section 18 of the Limitation Act, 1961. The petition was therefore rejected as barred by limitation. Case-Laws IBC Tue, 02 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381888