https://www.taxtmi.com/caselaws?id=294097 Pendency of a separate civil suit does not, by itself, make a financial debt contingent or prevent a Section 7 insolvency application where the record shows disbursal, repeated acknowledgments, demand notice and non-payment. The limitation period for a Section 7 application runs from the date of default, and Article 137 of the Limitation Act applies through Section 238-A of the Insolvency and Bankruptcy Code. On the stated facts, default was treated as occurring when payment was not made after demand, so the application filed later was time-barred. en-us Mon, 17 Feb 2020 00:00:00 +0530 Sat, 20 Mar 2021 08:44:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294097 Pendency of a separate civil suit does not, by itself, make a financial debt contingent or prevent a Section 7 insolvency application where the record shows disbursal, repeated acknowledgments, demand notice and non-payment. The limitation period for a Section 7 application runs from the date of default, and Article 137 of the Limitation Act applies through Section 238-A of the Insolvency and Bankruptcy Code. On the stated facts, default was treated as occurring when payment was not made after demand, so the application filed later was time-barred. Case-Laws Insolvency and Bankruptcy Mon, 17 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294097