https://www.taxtmi.com/caselaws?id=395391 Limitation for a Section 7 Insolvency and Bankruptcy Code application is governed by Article 137 of the Limitation Act as applied by Section 238A, so time runs from the date of default and can be extended only by a legally valid acknowledgment or other recognised mode under the Limitation Act. No valid acknowledgment was shown, so the debt was already time-barred when the insolvency application was filed. A recovery decree did not amount to acknowledgment, did not create a fresh default date, and could not revive limitation or convert insolvency into a substitute for execution. The application was therefore rejected as time-barred and the CIRP initiation set aside. en-us Fri, 07 Feb 2020 00:00:00 +0530 Wed, 27 May 2020 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395391 Limitation for a Section 7 Insolvency and Bankruptcy Code application is governed by Article 137 of the Limitation Act as applied by Section 238A, so time runs from the date of default and can be extended only by a legally valid acknowledgment or other recognised mode under the Limitation Act. No valid acknowledgment was shown, so the debt was already time-barred when the insolvency application was filed. A recovery decree did not amount to acknowledgment, did not create a fresh default date, and could not revive limitation or convert insolvency into a substitute for execution. The application was therefore rejected as time-barred and the CIRP initiation set aside. Case-Laws Insolvency and Bankruptcy Fri, 07 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395391