https://www.taxtmi.com/caselaws?id=295963 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 must be filed within the three-year limitation period under Article 137 of the Limitation Act, 1963. Where the corporate debtor's account had already become non-performing and the debt had been assigned after default, prior recovery steps and an execution of a recovery certificate did not preserve the right to commence CIRP. Pending recovery or execution proceedings do not extend limitation or convert insolvency proceedings into a recovery mechanism. On that basis, the Section 7 application was treated as time-barred and initiation of CIRP was not maintainable. en-us Tue, 16 Feb 2021 00:00:00 +0530 Mon, 28 Jun 2021 10:02:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295963 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 must be filed within the three-year limitation period under Article 137 of the Limitation Act, 1963. Where the corporate debtor's account had already become non-performing and the debt had been assigned after default, prior recovery steps and an execution of a recovery certificate did not preserve the right to commence CIRP. Pending recovery or execution proceedings do not extend limitation or convert insolvency proceedings into a recovery mechanism. On that basis, the Section 7 application was treated as time-barred and initiation of CIRP was not maintainable. Case-Laws Insolvency and Bankruptcy Tue, 16 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295963