https://www.taxtmi.com/caselaws?id=396390 A section 7 IBC application is governed by Article 137 of the Limitation Act, with time running from the date the financial debt became due, including when it was treated as non-performing, but that period can be extended by a valid written acknowledgment under section 18 or a duly acknowledged part-payment under section 19. On the stated facts, the debtor's post-NPA letters, settlement terms and part-payments were made before expiry of limitation and formed a continuous chain of acknowledgments and payments. Those acts gave a fresh period of limitation, so the insolvency claim remained within time and the application was maintainable. en-us Fri, 22 May 2020 00:00:00 +0530 Fri, 03 Jul 2020 12:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396390 A section 7 IBC application is governed by Article 137 of the Limitation Act, with time running from the date the financial debt became due, including when it was treated as non-performing, but that period can be extended by a valid written acknowledgment under section 18 or a duly acknowledged part-payment under section 19. On the stated facts, the debtor's post-NPA letters, settlement terms and part-payments were made before expiry of limitation and formed a continuous chain of acknowledgments and payments. Those acts gave a fresh period of limitation, so the insolvency claim remained within time and the application was maintainable. Case-Laws Insolvency and Bankruptcy Fri, 22 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396390