https://www.taxtmi.com/caselaws?id=290861 Section 7 insolvency applications are subject to the Limitation Act, 1963, with Article 137 governing the period of limitation. An acknowledgment of liability extends time only if it is in writing and made before expiry of the prescribed period under Section 18 of the Limitation Act, 1963. On the stated facts, the application was filed long after default, and the alleged one-time settlement letter did not save limitation because it did not create a valid acknowledgment within time. The petition was therefore dismissed as barred by limitation and not maintainable. en-us Tue, 07 Jan 2020 00:00:00 +0530 Mon, 19 Oct 2020 20:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290861 Section 7 insolvency applications are subject to the Limitation Act, 1963, with Article 137 governing the period of limitation. An acknowledgment of liability extends time only if it is in writing and made before expiry of the prescribed period under Section 18 of the Limitation Act, 1963. On the stated facts, the application was filed long after default, and the alleged one-time settlement letter did not save limitation because it did not create a valid acknowledgment within time. The petition was therefore dismissed as barred by limitation and not maintainable. Case-Laws Insolvency and Bankruptcy Tue, 07 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290861