https://www.taxtmi.com/caselaws?id=291007 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was held barred by limitation because it was filed more than three years after the asserted default and the last relevant transaction. Article 137 of the Limitation Act, 1963 was applied to section 7 proceedings, and the tribunal found that a time-barred debt cannot be revived by commencing insolvency proceedings. In the absence of any written acknowledgement of liability within the limitation period under section 18 of the Limitation Act, 1963, no fresh period of limitation arose, so the petition was not maintainable. en-us Thu, 09 Jan 2020 00:00:00 +0530 Wed, 13 Nov 2024 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291007 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was held barred by limitation because it was filed more than three years after the asserted default and the last relevant transaction. Article 137 of the Limitation Act, 1963 was applied to section 7 proceedings, and the tribunal found that a time-barred debt cannot be revived by commencing insolvency proceedings. In the absence of any written acknowledgement of liability within the limitation period under section 18 of the Limitation Act, 1963, no fresh period of limitation arose, so the petition was not maintainable. Case-Laws IBC Thu, 09 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291007