https://www.taxtmi.com/caselaws?id=290249 A Section 7 insolvency application is tested against the date of default under Article 137 of the Limitation Act, and a written acknowledgment signed before expiry of the current limitation period starts a fresh limitation period under Section 18. On the facts described, the account was treated as NPA on 15.01.2013, followed by acknowledgments on 05.02.2013 and 03.02.2016, so the limitation period was extended. The procedural objection that the acknowledgments were not relied on earlier was not accepted because their genuineness was not disputed. The application was therefore within limitation and the plea of time bar failed. en-us Mon, 27 Jan 2020 00:00:00 +0530 Wed, 16 Sep 2020 11:09:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290249 A Section 7 insolvency application is tested against the date of default under Article 137 of the Limitation Act, and a written acknowledgment signed before expiry of the current limitation period starts a fresh limitation period under Section 18. On the facts described, the account was treated as NPA on 15.01.2013, followed by acknowledgments on 05.02.2013 and 03.02.2016, so the limitation period was extended. The procedural objection that the acknowledgments were not relied on earlier was not accepted because their genuineness was not disputed. The application was therefore within limitation and the plea of time bar failed. Case-Laws Insolvency and Bankruptcy Mon, 27 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290249