https://www.taxtmi.com/caselaws?id=397402 The Supreme Court ruled that the application filed by the financial creditor under Section 7 of the Insolvency and Bankruptcy Code was time-barred as it was filed beyond the three-year limitation period from the date of default. The Court emphasized that the acknowledgment of debt and other proceedings did not extend the limitation period, and the failure to plead acknowledgment in the application precluded the benefit of Section 18 of the Limitation Act. Consequently, the Court set aside the lower tribunal's orders and rejected the application, annulling all related proceedings. en-us Fri, 14 Aug 2020 00:00:00 +0530 Fri, 12 Nov 2021 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397402 The Supreme Court ruled that the application filed by the financial creditor under Section 7 of the Insolvency and Bankruptcy Code was time-barred as it was filed beyond the three-year limitation period from the date of default. The Court emphasized that the acknowledgment of debt and other proceedings did not extend the limitation period, and the failure to plead acknowledgment in the application precluded the benefit of Section 18 of the Limitation Act. Consequently, the Court set aside the lower tribunal's orders and rejected the application, annulling all related proceedings. Case-Laws Insolvency and Bankruptcy Fri, 14 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397402