https://www.taxtmi.com/caselaws?id=397393 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was held barred by limitation because default occurred on 31 December 2007 and the petition was filed only on 26 February 2019. The Tribunal applied Article 137 of the Limitation Act, 1963 and reiterated that limitation runs from the date of first default, with extension available only in the manner permitted by the Limitation Act. An alleged acknowledgement in 2017 could not revive a claim already time-barred. The admission order was therefore unsustainable. en-us Fri, 24 Jul 2020 00:00:00 +0530 Tue, 16 Nov 2021 14:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397393 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was held barred by limitation because default occurred on 31 December 2007 and the petition was filed only on 26 February 2019. The Tribunal applied Article 137 of the Limitation Act, 1963 and reiterated that limitation runs from the date of first default, with extension available only in the manner permitted by the Limitation Act. An alleged acknowledgement in 2017 could not revive a claim already time-barred. The admission order was therefore unsustainable. Case-Laws Insolvency and Bankruptcy Fri, 24 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397393