https://www.taxtmi.com/caselaws?id=405139 A Section 7 insolvency application was treated as time-barred because limitation ran from the date the account was classified as a non-performing asset, which was taken as the date of default. The filing was beyond the three-year period under Article 137 of the Limitation Act, 1963. The stated acknowledgment in the master restructuring agreement did not extend limitation because the respondent had exited the restructuring framework, and the one-time settlement proposal was insufficient on the facts to revive the claim. The article states that an acknowledgment extends limitation only if it is in writing and made within the subsisting limitation period. en-us Fri, 05 Mar 2021 00:00:00 +0530 Tue, 29 Oct 2024 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405139 A Section 7 insolvency application was treated as time-barred because limitation ran from the date the account was classified as a non-performing asset, which was taken as the date of default. The filing was beyond the three-year period under Article 137 of the Limitation Act, 1963. The stated acknowledgment in the master restructuring agreement did not extend limitation because the respondent had exited the restructuring framework, and the one-time settlement proposal was insufficient on the facts to revive the claim. The article states that an acknowledgment extends limitation only if it is in writing and made within the subsisting limitation period. Case-Laws IBC Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405139