https://www.taxtmi.com/caselaws?id=386740 Limitation for a Section 7 application under the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act, not by the Code's commencement date or Article 62. A Section 7 petition is treated as a financial creditor's application based on default under the Code, not as enforcement of a mortgage liability. The Court also stated that its earlier ruling had to be followed in letter and spirit under Article 141 of the Constitution. The impugned judgment was set aside and the matter remitted for fresh decision on the basis that Article 137 alone applies. en-us Mon, 30 Sep 2019 00:00:00 +0530 Mon, 07 Oct 2019 21:32:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386740 Limitation for a Section 7 application under the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act, not by the Code's commencement date or Article 62. A Section 7 petition is treated as a financial creditor's application based on default under the Code, not as enforcement of a mortgage liability. The Court also stated that its earlier ruling had to be followed in letter and spirit under Article 141 of the Constitution. The impugned judgment was set aside and the matter remitted for fresh decision on the basis that Article 137 alone applies. Case-Laws Insolvency and Bankruptcy Mon, 30 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386740