https://www.taxtmi.com/caselaws?id=286252 Limitation for a Section 7 insolvency application runs from default and is governed by the residuary period under Article 137. A debt already time-barred cannot be revived through the Insolvency and Bankruptcy Code, and pendency of SARFAESI proceedings does not, by itself, extend limitation for insolvency relief. An acknowledgment can save limitation only if it is written, signed, and made before expiry of the prescribed period under Section 18 of the Limitation Act; books of account alone are insufficient. On these principles, the section 7 application was held time-barred, the insolvency admission was set aside, and the corporate debtor was restored to its Board. en-us Wed, 11 Dec 2019 00:00:00 +0530 Thu, 07 May 2020 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286252 Limitation for a Section 7 insolvency application runs from default and is governed by the residuary period under Article 137. A debt already time-barred cannot be revived through the Insolvency and Bankruptcy Code, and pendency of SARFAESI proceedings does not, by itself, extend limitation for insolvency relief. An acknowledgment can save limitation only if it is written, signed, and made before expiry of the prescribed period under Section 18 of the Limitation Act; books of account alone are insufficient. On these principles, the section 7 application was held time-barred, the insolvency admission was set aside, and the corporate debtor was restored to its Board. Case-Laws Insolvency and Bankruptcy Wed, 11 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286252