https://www.taxtmi.com/caselaws?id=390256 An application under Section 7 of the Insolvency and Bankruptcy Code was rejected because the applicant failed to establish, with credible supporting material, the existence of a financial debt and default. The documents relied on, including the ledger, did not satisfactorily prove a duly documented financial contract or reliable interest payments referable to the alleged advances. The claim was also treated as time-barred, as the last asserted advance was in 2012 and there was no clear acknowledgement extending limitation. In the absence of such acknowledgement, Article 137 of the Limitation Act, 1963 applied, rendering the claim stale and the application not maintainable. en-us Wed, 25 Sep 2019 00:00:00 +0530 Fri, 27 Dec 2019 07:24:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390256 An application under Section 7 of the Insolvency and Bankruptcy Code was rejected because the applicant failed to establish, with credible supporting material, the existence of a financial debt and default. The documents relied on, including the ledger, did not satisfactorily prove a duly documented financial contract or reliable interest payments referable to the alleged advances. The claim was also treated as time-barred, as the last asserted advance was in 2012 and there was no clear acknowledgement extending limitation. In the absence of such acknowledgement, Article 137 of the Limitation Act, 1963 applied, rendering the claim stale and the application not maintainable. Case-Laws Insolvency and Bankruptcy Wed, 25 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390256