https://www.taxtmi.com/caselaws?id=289744 Limitation for a Section 7 IBC application runs from the date of default, treated here as the NPA date, and Article 137 applies from the time the right to apply first accrues; a recovery decree or pending recovery proceedings do not create a fresh limitation period for insolvency. The majority further held that statutory balance sheets and annual returns, filed under the Companies Act with recurring compliance obligations, do not by themselves amount to acknowledgement of debt under Section 18 of the Limitation Act unless they contain a clear admission of liability. On that basis, the insolvency application was treated as time-barred, while a separate opinion favoured examining such filings on their contents. en-us Thu, 12 Mar 2020 00:00:00 +0530 Thu, 14 Nov 2024 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289744 Limitation for a Section 7 IBC application runs from the date of default, treated here as the NPA date, and Article 137 applies from the time the right to apply first accrues; a recovery decree or pending recovery proceedings do not create a fresh limitation period for insolvency. The majority further held that statutory balance sheets and annual returns, filed under the Companies Act with recurring compliance obligations, do not by themselves amount to acknowledgement of debt under Section 18 of the Limitation Act unless they contain a clear admission of liability. On that basis, the insolvency application was treated as time-barred, while a separate opinion favoured examining such filings on their contents. Case-Laws IBC Thu, 12 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289744