https://www.taxtmi.com/caselaws?id=386725 A Section 7 insolvency application remains maintainable despite pending Joint Lenders Forum proceedings or finalisation of a corrective action plan, because the Insolvency and Bankruptcy Code does not impose a general statutory bar apart from Section 11(c). Limitation for such proceedings is treated under Article 137 of the Limitation Act, 1963, with the right to apply accruing from 1 December 2016 when the Code came into force. The underlying debt was also held not time-barred, having regard to the mortgage, assignment of debt, and the applicable 12-year period for immovable property under Article 61. The insolvency admission was therefore sustained. en-us Thu, 05 Sep 2019 00:00:00 +0530 Sun, 06 Oct 2019 11:16:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386725 A Section 7 insolvency application remains maintainable despite pending Joint Lenders Forum proceedings or finalisation of a corrective action plan, because the Insolvency and Bankruptcy Code does not impose a general statutory bar apart from Section 11(c). Limitation for such proceedings is treated under Article 137 of the Limitation Act, 1963, with the right to apply accruing from 1 December 2016 when the Code came into force. The underlying debt was also held not time-barred, having regard to the mortgage, assignment of debt, and the applicable 12-year period for immovable property under Article 61. The insolvency admission was therefore sustained. Case-Laws Insolvency and Bankruptcy Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386725