https://www.taxtmi.com/caselaws?id=283820 Section 238A of the Insolvency and Bankruptcy Code made the Limitation Act applicable to a Section 7 application, and Article 137 was treated as governing the right to apply from the time the Code came into force. On the facts, pending recovery proceedings, secured mortgaged assets, the corporate debtor's later one-time settlement request, and recognition of the liability in annual reports showed a continuing cause of action, so the financial creditor's claim was not time-barred. The debt was also not shown to be unenforceable in law, and the creditor's status and security interest supported subsistence of the claim. The Section 7 application was therefore not barred by limitation, and the objection that no debt was payable in law was rejected. en-us Tue, 14 May 2019 00:00:00 +0530 Tue, 15 Oct 2019 11:01:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283820 Section 238A of the Insolvency and Bankruptcy Code made the Limitation Act applicable to a Section 7 application, and Article 137 was treated as governing the right to apply from the time the Code came into force. On the facts, pending recovery proceedings, secured mortgaged assets, the corporate debtor's later one-time settlement request, and recognition of the liability in annual reports showed a continuing cause of action, so the financial creditor's claim was not time-barred. The debt was also not shown to be unenforceable in law, and the creditor's status and security interest supported subsistence of the claim. The Section 7 application was therefore not barred by limitation, and the objection that no debt was payable in law was rejected. Case-Laws Insolvency and Bankruptcy Tue, 14 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283820