https://www.taxtmi.com/caselaws?id=397510 An application under Section 7 of the Insolvency and Bankruptcy Code is subject to Article 137 of the Limitation Act, as applied through Section 238A, and must be filed within three years from default or a valid acknowledgment. On the stated facts, the account was classified as an NPA in 2014 and the application was filed in 2019; even the later letters relied on as acknowledgments did not save limitation beyond the extended period. Pendency before other forums did not stop time from running because the Code operates as a complete code with overriding effect, so the insolvency application was treated as time-barred. en-us Thu, 05 Mar 2020 00:00:00 +0530 Fri, 21 Aug 2020 08:21:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397510 An application under Section 7 of the Insolvency and Bankruptcy Code is subject to Article 137 of the Limitation Act, as applied through Section 238A, and must be filed within three years from default or a valid acknowledgment. On the stated facts, the account was classified as an NPA in 2014 and the application was filed in 2019; even the later letters relied on as acknowledgments did not save limitation beyond the extended period. Pendency before other forums did not stop time from running because the Code operates as a complete code with overriding effect, so the insolvency application was treated as time-barred. Case-Laws Insolvency and Bankruptcy Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397510