https://www.taxtmi.com/caselaws?id=399850 For a Section 7 insolvency application, limitation is computed from the date of default, here treated as the NPA date, and the three-year period under Article 137 began from that point. Exclusion of time under Section 14 of the Limitation Act was not available because the statutory conditions were not satisfied, and the periods spent before BIFR and in DRT proceedings did not extend limitation on the facts. Balance sheets did not amount to an unequivocal acknowledgment under Section 18 because the liability was disputed in the directors' report and related notes. A later letter sent after expiry of the original limitation period also could not revive the claim, leaving the debt time-barred and the insolvency petition not maintainable. en-us Tue, 17 Mar 2020 00:00:00 +0530 Tue, 20 Oct 2020 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399850 For a Section 7 insolvency application, limitation is computed from the date of default, here treated as the NPA date, and the three-year period under Article 137 began from that point. Exclusion of time under Section 14 of the Limitation Act was not available because the statutory conditions were not satisfied, and the periods spent before BIFR and in DRT proceedings did not extend limitation on the facts. Balance sheets did not amount to an unequivocal acknowledgment under Section 18 because the liability was disputed in the directors' report and related notes. A later letter sent after expiry of the original limitation period also could not revive the claim, leaving the debt time-barred and the insolvency petition not maintainable. Case-Laws Insolvency and Bankruptcy Tue, 17 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399850