https://www.taxtmi.com/caselaws?id=397402 An application under Section 7 of the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act, with limitation running from the date of default. The Code does not revive a debt that was already time-barred, and acknowledgment under Section 18 can extend limitation only when the necessary facts are properly pleaded and proved. Here, the application itself fixed a single default date, with no pleaded basis for an alternative default date or acknowledgment. Mortgage-based limitation periods, including the twelve-year period under Article 61(b), do not apply to Section 7 proceedings because they are not suits for enforcement of mortgage liability. The application was therefore barred by limitation. 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 An application under Section 7 of the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act, with limitation running from the date of default. The Code does not revive a debt that was already time-barred, and acknowledgment under Section 18 can extend limitation only when the necessary facts are properly pleaded and proved. Here, the application itself fixed a single default date, with no pleaded basis for an alternative default date or acknowledgment. Mortgage-based limitation periods, including the twelve-year period under Article 61(b), do not apply to Section 7 proceedings because they are not suits for enforcement of mortgage liability. The application was therefore barred by limitation. Case-Laws Insolvency and Bankruptcy Fri, 14 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397402