https://www.taxtmi.com/caselaws?id=397452 The Appellate Tribunal upheld the dismissal of a Financial Creditor's application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against a Corporate Debtor due to limitation. The Tribunal found that the debt was time-barred as there was no continuous acknowledgment of debts by the Corporate Debtor within three years from the date of default. Pursuing recovery proceedings before the Debt Recovery Tribunal did not extend the limitation period, and acknowledgment in balance-sheets did not extend the limitation period under Section 18 of the Limitation Act. The appeal was dismissed, affirming the debt was barred by limitation. en-us Tue, 11 Aug 2020 00:00:00 +0530 Wed, 19 Aug 2020 11:18:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397452 The Appellate Tribunal upheld the dismissal of a Financial Creditor's application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against a Corporate Debtor due to limitation. The Tribunal found that the debt was time-barred as there was no continuous acknowledgment of debts by the Corporate Debtor within three years from the date of default. Pursuing recovery proceedings before the Debt Recovery Tribunal did not extend the limitation period, and acknowledgment in balance-sheets did not extend the limitation period under Section 18 of the Limitation Act. The appeal was dismissed, affirming the debt was barred by limitation. Case-Laws Insolvency and Bankruptcy Tue, 11 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397452