https://www.taxtmi.com/caselaws?id=293807 A section 7 insolvency application was treated as within limitation because section 238A of the Insolvency and Bankruptcy Code, 2016 was applied with the Limitation Act, 1963, the earlier recovery proceeding did not extend limitation by itself, and the balance sheet for year ending 31 March 2017 operated as acknowledgment of debt under section 18. The High Court's interim order was construed as limited to the earlier dispute and did not prohibit institution of an independent insolvency remedy under the Code. On that basis, the application was held maintainable, default was established, and initiation of the corporate insolvency resolution process with moratorium and appointment of an interim resolution professional was directed. en-us Mon, 19 Aug 2019 00:00:00 +0530 Thu, 04 Mar 2021 08:23:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293807 A section 7 insolvency application was treated as within limitation because section 238A of the Insolvency and Bankruptcy Code, 2016 was applied with the Limitation Act, 1963, the earlier recovery proceeding did not extend limitation by itself, and the balance sheet for year ending 31 March 2017 operated as acknowledgment of debt under section 18. The High Court's interim order was construed as limited to the earlier dispute and did not prohibit institution of an independent insolvency remedy under the Code. On that basis, the application was held maintainable, default was established, and initiation of the corporate insolvency resolution process with moratorium and appointment of an interim resolution professional was directed. Case-Laws Insolvency and Bankruptcy Mon, 19 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293807