https://www.taxtmi.com/caselaws?id=405139 Limitation for a Section 7 insolvency application runs from the date of default, treated here as the date of NPA classification, under Article 137 of the Limitation Act. A written acknowledgment extends the limitation period only if made within the subsisting period under Section 18. The asserted master restructuring agreement did not extend limitation because the respondent had exited that framework. The one-time settlement proposal, even if regarded as an acknowledgment, did not render the application timely. The Section 7 application was therefore time-barred, and the challenge to its rejection failed. 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 Limitation for a Section 7 insolvency application runs from the date of default, treated here as the date of NPA classification, under Article 137 of the Limitation Act. A written acknowledgment extends the limitation period only if made within the subsisting period under Section 18. The asserted master restructuring agreement did not extend limitation because the respondent had exited that framework. The one-time settlement proposal, even if regarded as an acknowledgment, did not render the application timely. The Section 7 application was therefore time-barred, and the challenge to its rejection failed. Case-Laws IBC Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405139