https://www.taxtmi.com/caselaws?id=290802 Pendency of arbitration did not bar a Section 7 insolvency application because the financial creditor remedy turns on the existence of financial debt and default, while the pre-existing dispute framework is relevant to Section 8. A pending but unadmitted winding-up petition also did not defeat admission of the Section 7 application, as mere filing without admission did not displace the statutory insolvency remedy. On limitation, Article 137 of the Limitation Act applied, giving a three-year period from accrual of the right to apply, and the application was treated as within time. The objections to admission therefore failed. en-us Tue, 25 Sep 2018 00:00:00 +0530 Sat, 17 Oct 2020 12:02:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290802 Pendency of arbitration did not bar a Section 7 insolvency application because the financial creditor remedy turns on the existence of financial debt and default, while the pre-existing dispute framework is relevant to Section 8. A pending but unadmitted winding-up petition also did not defeat admission of the Section 7 application, as mere filing without admission did not displace the statutory insolvency remedy. On limitation, Article 137 of the Limitation Act applied, giving a three-year period from accrual of the right to apply, and the application was treated as within time. The objections to admission therefore failed. Case-Laws Insolvency and Bankruptcy Tue, 25 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290802