https://www.taxtmi.com/caselaws?id=296215 A section 7 application under the Insolvency and Bankruptcy Code was examined on limitation under article 137 of the Limitation Act. The corporate debtor's one-time settlement proposal and later reply to the statutory demand notice were treated as acknowledgment of liability for section 18 purposes, extending limitation. The period spent in BIFR proceedings was also excluded while computing limitation. On that basis, the petition filed after 01.12.2016 was found to be within time, the limitation objection failed, and the section 7 petition was admitted to commence CIRP. en-us Fri, 13 Mar 2020 00:00:00 +0530 Sat, 10 Jul 2021 08:38:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296215 A section 7 application under the Insolvency and Bankruptcy Code was examined on limitation under article 137 of the Limitation Act. The corporate debtor's one-time settlement proposal and later reply to the statutory demand notice were treated as acknowledgment of liability for section 18 purposes, extending limitation. The period spent in BIFR proceedings was also excluded while computing limitation. On that basis, the petition filed after 01.12.2016 was found to be within time, the limitation objection failed, and the section 7 petition was admitted to commence CIRP. Case-Laws Insolvency and Bankruptcy Fri, 13 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296215