https://www.taxtmi.com/caselaws?id=399714 Applications under Section 7 of the Insolvency and Bankruptcy Code, 2016 are subject to Article 137 of the Limitation Act, 1963, so limitation runs from the date of default. On the facts, classification of the account as a non-performing asset was treated as the date of default, and the filing came more than three years later. No valid basis for extension of limitation was shown, and the argument that the right arose only on the commencement of the Code was rejected as inconsistent with settled limitation principles. The Section 7 application was therefore barred by limitation, and the admission order was set aside. en-us Wed, 14 Oct 2020 00:00:00 +0530 Fri, 16 Oct 2020 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399714 Applications under Section 7 of the Insolvency and Bankruptcy Code, 2016 are subject to Article 137 of the Limitation Act, 1963, so limitation runs from the date of default. On the facts, classification of the account as a non-performing asset was treated as the date of default, and the filing came more than three years later. No valid basis for extension of limitation was shown, and the argument that the right arose only on the commencement of the Code was rejected as inconsistent with settled limitation principles. The Section 7 application was therefore barred by limitation, and the admission order was set aside. Case-Laws Insolvency and Bankruptcy Wed, 14 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399714