https://www.taxtmi.com/caselaws?id=395388 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was held to be within limitation because the secured debt had already been pursued in recovery proceedings, the Debt Recovery Tribunal had passed a recovery order on 17 August 2018, and the debt was treated as due and payable from that date. Applying article 137 of the Limitation Act, 1963, the petition filed on 25 March 2019 fell within the three-year period. The existence of default was established, and the debtor's explanation for non-payment was held irrelevant to admission under section 7. The limitation defence therefore failed and CIRP was commenced. en-us Tue, 01 Oct 2019 00:00:00 +0530 Wed, 27 May 2020 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395388 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was held to be within limitation because the secured debt had already been pursued in recovery proceedings, the Debt Recovery Tribunal had passed a recovery order on 17 August 2018, and the debt was treated as due and payable from that date. Applying article 137 of the Limitation Act, 1963, the petition filed on 25 March 2019 fell within the three-year period. The existence of default was established, and the debtor's explanation for non-payment was held irrelevant to admission under section 7. The limitation defence therefore failed and CIRP was commenced. Case-Laws Insolvency and Bankruptcy Tue, 01 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395388