https://www.taxtmi.com/caselaws?id=291745 An application under Section 7 of the Insolvency and Bankruptcy Code was treated as subject to Article 137 of the Limitation Act, so the three-year period ran from the pleaded date of default; on the facts noted, the petition was treated as time-barred and not admissible. The note also records that a home-buyer-led Section 7 petition may be scrutinised closely where the flat is ready for possession, a completion certificate has been obtained, and the surrounding facts indicate a claim for further compensation rather than genuine insolvency resolution. On that basis, the application was considered unsuitable for admission on merits and the claimant was left to pursue compensation before the appropriate forum. en-us Thu, 17 Oct 2019 00:00:00 +0530 Tue, 24 Nov 2020 09:38:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291745 An application under Section 7 of the Insolvency and Bankruptcy Code was treated as subject to Article 137 of the Limitation Act, so the three-year period ran from the pleaded date of default; on the facts noted, the petition was treated as time-barred and not admissible. The note also records that a home-buyer-led Section 7 petition may be scrutinised closely where the flat is ready for possession, a completion certificate has been obtained, and the surrounding facts indicate a claim for further compensation rather than genuine insolvency resolution. On that basis, the application was considered unsuitable for admission on merits and the claimant was left to pursue compensation before the appropriate forum. Case-Laws Insolvency and Bankruptcy Thu, 17 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291745