https://www.taxtmi.com/caselaws?id=404798 Article 137 of the Limitation Act, 1963 applies to an application under section 7 of the Insolvency and Bankruptcy Code, so the filing must be made within three years from the date the right to apply accrues, ordinarily the date of default. If the application is filed after that period, section 3 of the Limitation Act requires rejection unless delay is validly condoned on the facts. The text also notes that alleged acknowledgments in balance-sheets do not override the limitation bar, and a tribunal cannot admit a time-barred insolvency application in disregard of that mandate. On the stated facts, the admission order and consequential liquidation order could not stand. en-us Thu, 15 Oct 2020 00:00:00 +0530 Thu, 04 Mar 2021 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404798 Article 137 of the Limitation Act, 1963 applies to an application under section 7 of the Insolvency and Bankruptcy Code, so the filing must be made within three years from the date the right to apply accrues, ordinarily the date of default. If the application is filed after that period, section 3 of the Limitation Act requires rejection unless delay is validly condoned on the facts. The text also notes that alleged acknowledgments in balance-sheets do not override the limitation bar, and a tribunal cannot admit a time-barred insolvency application in disregard of that mandate. On the stated facts, the admission order and consequential liquidation order could not stand. Case-Laws Insolvency and Bankruptcy Thu, 15 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404798