https://www.taxtmi.com/caselaws?id=394697 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was held barred by limitation because the debt was treated as defaulted when the account became an NPA on 30-4-2013, and the petition filed on 12-9-2018 fell beyond the three-year period under Article 137 of the Limitation Act, 1963. Revival letters, demand notices, and restructuring or one-time settlement proposals did not amount to a fresh acknowledgment sufficient to extend limitation, and pending recovery proceedings before the DRT did not justify exclusion of time. The insolvency petition was therefore not maintainable. en-us Thu, 27 Feb 2020 00:00:00 +0530 Wed, 22 Apr 2020 10:31:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394697 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was held barred by limitation because the debt was treated as defaulted when the account became an NPA on 30-4-2013, and the petition filed on 12-9-2018 fell beyond the three-year period under Article 137 of the Limitation Act, 1963. Revival letters, demand notices, and restructuring or one-time settlement proposals did not amount to a fresh acknowledgment sufficient to extend limitation, and pending recovery proceedings before the DRT did not justify exclusion of time. The insolvency petition was therefore not maintainable. Case-Laws Insolvency and Bankruptcy Thu, 27 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394697