https://www.taxtmi.com/caselaws?id=399849 Limitation for a section 7 Insolvency and Bankruptcy Code application runs from the date of default under Article 137 of the Limitation Act, 1963, and a part-payment extends time only if made by the corporate debtor before expiry of limitation under section 19. Here, default was recorded on 31.08.2012 and the application was filed on 26.10.2018, so the claim was time-barred. The alleged payment on 18.03.2016 was not accepted as debtor-made part-payment because it represented sale proceeds deposited through the consortium bank from the corporate debtor's property. The insolvency application was therefore held barred by limitation and not maintainable. en-us Mon, 16 Mar 2020 00:00:00 +0530 Wed, 21 Oct 2020 09:44:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399849 Limitation for a section 7 Insolvency and Bankruptcy Code application runs from the date of default under Article 137 of the Limitation Act, 1963, and a part-payment extends time only if made by the corporate debtor before expiry of limitation under section 19. Here, default was recorded on 31.08.2012 and the application was filed on 26.10.2018, so the claim was time-barred. The alleged payment on 18.03.2016 was not accepted as debtor-made part-payment because it represented sale proceeds deposited through the consortium bank from the corporate debtor's property. The insolvency application was therefore held barred by limitation and not maintainable. Case-Laws Insolvency and Bankruptcy Mon, 16 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399849