https://www.taxtmi.com/caselaws?id=397555 Limitation for a Section 7 Insolvency and Bankruptcy Code application is governed by Article 137 of the Limitation Act and runs from the date of default, including the admitted NPA classification date. Subsequent recovery proceedings or a recovery decree do not shift the default date for insolvency commencement. An acknowledgment extends limitation only when made within the prescribed period; a post-expiry acknowledgment cannot revive a time-barred claim. Article 62 does not apply because a Section 7 proceeding is an application rather than a suit. Consequently, the Section 7 application was time-barred, and the insolvency commencement order and consequential actions were set aside. en-us Thu, 13 Aug 2020 00:00:00 +0530 Tue, 05 Nov 2024 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397555 Limitation for a Section 7 Insolvency and Bankruptcy Code application is governed by Article 137 of the Limitation Act and runs from the date of default, including the admitted NPA classification date. Subsequent recovery proceedings or a recovery decree do not shift the default date for insolvency commencement. An acknowledgment extends limitation only when made within the prescribed period; a post-expiry acknowledgment cannot revive a time-barred claim. Article 62 does not apply because a Section 7 proceeding is an application rather than a suit. Consequently, the Section 7 application was time-barred, and the insolvency commencement order and consequential actions were set aside. Case-Laws IBC Thu, 13 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397555