https://www.taxtmi.com/caselaws?id=400795 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is subject to Article 137 of the Limitation Act, 1963, so it must be filed within three years from the date of default. Section 238A is clarificatory and applies the limitation regime to insolvency proceedings from the outset. On the stated facts, the default was recorded on 10 June 2014 but the application was filed on 19 September 2018, making it time-barred. The alleged one-time settlement communications did not amount to a fresh default or valid acknowledgment sufficient to revive the claim under Section 18 of the Limitation Act. en-us Tue, 17 Nov 2020 00:00:00 +0530 Thu, 19 Nov 2020 07:10:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400795 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is subject to Article 137 of the Limitation Act, 1963, so it must be filed within three years from the date of default. Section 238A is clarificatory and applies the limitation regime to insolvency proceedings from the outset. On the stated facts, the default was recorded on 10 June 2014 but the application was filed on 19 September 2018, making it time-barred. The alleged one-time settlement communications did not amount to a fresh default or valid acknowledgment sufficient to revive the claim under Section 18 of the Limitation Act. Case-Laws Insolvency and Bankruptcy Tue, 17 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400795