https://www.taxtmi.com/caselaws?id=397935 Limitation for a Section 7 IBC application runs from the date of default, and in a non-performing asset matter that date is treated as the date of classification as NPA. Article 137 of the Limitation Act applies through Section 238A of the IBC, while any extension depends on a legally effective acknowledgment or part payment under Section 19, or condonation under Section 5 where made out. On the facts, the alleged payment on 19.02.2016 was not accepted as extending limitation, so the Section 7 application was beyond time and the admission order and consequential insolvency proceedings were set aside. en-us Fri, 28 Aug 2020 00:00:00 +0530 Wed, 02 Sep 2020 10:47:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397935 Limitation for a Section 7 IBC application runs from the date of default, and in a non-performing asset matter that date is treated as the date of classification as NPA. Article 137 of the Limitation Act applies through Section 238A of the IBC, while any extension depends on a legally effective acknowledgment or part payment under Section 19, or condonation under Section 5 where made out. On the facts, the alleged payment on 19.02.2016 was not accepted as extending limitation, so the Section 7 application was beyond time and the admission order and consequential insolvency proceedings were set aside. Case-Laws Insolvency and Bankruptcy Fri, 28 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397935