https://www.taxtmi.com/caselaws?id=396285 An application under section 7 of the Insolvency and Bankruptcy Code was analysed on limitation, with the account having become an NPA in 2012 so that the ordinary three-year period under article 137 would have expired in 2015. The written agreement of 4 March 2015, later balance confirmation, and part-payments were treated as acknowledgments of a subsisting liability. Applying section 18 of the Limitation Act, a signed written acknowledgment before expiry of limitation creates a fresh period from the date of signature. The Tribunal reiterated that limitation can be extended only as provided by the Limitation Act and that a valid acknowledgment renews the remedy only for the acknowledged debt; the application was therefore treated as within limitation. en-us Fri, 14 Feb 2020 00:00:00 +0530 Mon, 29 Jun 2020 09:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396285 An application under section 7 of the Insolvency and Bankruptcy Code was analysed on limitation, with the account having become an NPA in 2012 so that the ordinary three-year period under article 137 would have expired in 2015. The written agreement of 4 March 2015, later balance confirmation, and part-payments were treated as acknowledgments of a subsisting liability. Applying section 18 of the Limitation Act, a signed written acknowledgment before expiry of limitation creates a fresh period from the date of signature. The Tribunal reiterated that limitation can be extended only as provided by the Limitation Act and that a valid acknowledgment renews the remedy only for the acknowledged debt; the application was therefore treated as within limitation. Case-Laws Insolvency and Bankruptcy Fri, 14 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396285