https://www.taxtmi.com/caselaws?id=391952 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was held to be governed by Article 137 of the Limitation Act, 1963, so the three-year limitation period ran from the date of default. On the facts stated, the default occurred in June 2015 and the application filed in January 2019 was time-barred. Prior SARFAESI and recovery proceedings did not attract section 14 because they were not proceedings in a wrong forum without jurisdiction, and the one-time settlement proposal did not constitute a valid acknowledgement within limitation under section 18. The admission order was set aside and the section 7 application was dismissed. en-us Wed, 08 Jan 2020 00:00:00 +0530 Wed, 06 May 2020 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391952 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was held to be governed by Article 137 of the Limitation Act, 1963, so the three-year limitation period ran from the date of default. On the facts stated, the default occurred in June 2015 and the application filed in January 2019 was time-barred. Prior SARFAESI and recovery proceedings did not attract section 14 because they were not proceedings in a wrong forum without jurisdiction, and the one-time settlement proposal did not constitute a valid acknowledgement within limitation under section 18. The admission order was set aside and the section 7 application was dismissed. Case-Laws Insolvency and Bankruptcy Wed, 08 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391952