https://www.taxtmi.com/caselaws?id=397893 Limitation for a section 7 insolvency application runs from the date of default under article 137 of the Limitation Act, and an assignee cannot revive a time-barred debt by later taking up the account. A valid written acknowledgment signed by the corporate debtor before expiry of limitation is required to extend time under section 18; account statements and internal records are insufficient. Section 22 of the Limitation Act, which concerns continuing breaches and torts, does not govern computation of limitation for insolvency proceedings. On these grounds, the admission order was set aside and the insolvency process against the corporate debtor was terminated as time-barred. en-us Fri, 07 Feb 2020 00:00:00 +0530 Sat, 30 Oct 2021 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397893 Limitation for a section 7 insolvency application runs from the date of default under article 137 of the Limitation Act, and an assignee cannot revive a time-barred debt by later taking up the account. A valid written acknowledgment signed by the corporate debtor before expiry of limitation is required to extend time under section 18; account statements and internal records are insufficient. Section 22 of the Limitation Act, which concerns continuing breaches and torts, does not govern computation of limitation for insolvency proceedings. On these grounds, the admission order was set aside and the insolvency process against the corporate debtor was terminated as time-barred. Case-Laws Insolvency and Bankruptcy Fri, 07 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397893