https://www.taxtmi.com/caselaws?id=397452 For a Section 7 insolvency application, limitation ran from the date the account was classified as a non-performing asset, and proceedings before the DRT or steps under the SARFAESI Act did not extend or exclude time. Disclosure of the financial debt in a balance sheet or annual return also did not amount to acknowledgement under Section 18 of the Limitation Act because such filings were mandatory under the Companies Act. On that basis, the insolvency application was held time-barred, as no valid acknowledgement existed to revive or extend 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 For a Section 7 insolvency application, limitation ran from the date the account was classified as a non-performing asset, and proceedings before the DRT or steps under the SARFAESI Act did not extend or exclude time. Disclosure of the financial debt in a balance sheet or annual return also did not amount to acknowledgement under Section 18 of the Limitation Act because such filings were mandatory under the Companies Act. On that basis, the insolvency application was held time-barred, as no valid acknowledgement existed to revive or extend limitation. Case-Laws Insolvency and Bankruptcy Tue, 11 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397452