https://www.taxtmi.com/caselaws?id=401520 A section 7 insolvency application was found time-barred because the default date was 30.06.2014 and Article 137 of the Limitation Act gave only three years to initiate proceedings from accrual of the right to apply. The record showed no acknowledgment of debt within the limitation period, so section 18 of the Limitation Act could not extend time. A later one-time settlement proposal was held insufficient to revive an already expired limitation period. On that basis, the insolvency petition was not maintainable and could not be admitted. en-us Mon, 06 Jul 2020 00:00:00 +0530 Thu, 10 Dec 2020 08:21:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401520 A section 7 insolvency application was found time-barred because the default date was 30.06.2014 and Article 137 of the Limitation Act gave only three years to initiate proceedings from accrual of the right to apply. The record showed no acknowledgment of debt within the limitation period, so section 18 of the Limitation Act could not extend time. A later one-time settlement proposal was held insufficient to revive an already expired limitation period. On that basis, the insolvency petition was not maintainable and could not be admitted. Case-Laws Insolvency and Bankruptcy Mon, 06 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401520