https://www.taxtmi.com/caselaws?id=397896 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was found barred by limitation because limitation was computed from the date the account was classified as a non-performing asset, treated as the date of default. Article 137 of the Limitation Act, 1963 was applied, so the three-year period had expired before filing. Balance-sheet entries were not accepted as a sufficient basis to extend limitation, and no effective acknowledgment within the limitation period was found to attract Section 18 of the Limitation Act, 1963. The application was therefore not maintainable as time-barred. en-us Wed, 27 May 2020 00:00:00 +0530 Tue, 01 Sep 2020 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397896 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was found barred by limitation because limitation was computed from the date the account was classified as a non-performing asset, treated as the date of default. Article 137 of the Limitation Act, 1963 was applied, so the three-year period had expired before filing. Balance-sheet entries were not accepted as a sufficient basis to extend limitation, and no effective acknowledgment within the limitation period was found to attract Section 18 of the Limitation Act, 1963. The application was therefore not maintainable as time-barred. Case-Laws Insolvency and Bankruptcy Wed, 27 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397896