https://www.taxtmi.com/caselaws?id=295928 Applications under Section 9 of the Insolvency and Bankruptcy Code are governed by Article 137 of the Limitation Act, so limitation runs from the date default gives rise to the right to apply. The Tribunal applied settled precedent that the Limitation Act applies to insolvency proceedings from the inception of the Code and that the Code cannot revive time-barred debts. It also held that Section 5 of the Limitation Act does not provide a general power to extend limitation for initiating such proceedings, and the applicant failed to explain the 230-day delay with sufficient particulars or establish sufficient cause. The condonation request was rejected and the insolvency application dismissed. en-us Tue, 29 Sep 2020 00:00:00 +0530 Fri, 25 Jun 2021 07:12:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295928 Applications under Section 9 of the Insolvency and Bankruptcy Code are governed by Article 137 of the Limitation Act, so limitation runs from the date default gives rise to the right to apply. The Tribunal applied settled precedent that the Limitation Act applies to insolvency proceedings from the inception of the Code and that the Code cannot revive time-barred debts. It also held that Section 5 of the Limitation Act does not provide a general power to extend limitation for initiating such proceedings, and the applicant failed to explain the 230-day delay with sufficient particulars or establish sufficient cause. The condonation request was rejected and the insolvency application dismissed. Case-Laws Insolvency and Bankruptcy Tue, 29 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295928