https://www.taxtmi.com/caselaws?id=414413 An operational creditor's Section 9 IBC application was held to be time-barred because Article 137 of the Limitation Act applies to insolvency applications and the three-year period runs from the date the right to apply accrues. The invoices dated November 2013 to February 2014 and the claimed due date in March 2014 meant limitation expired well before the petition was filed in January 2020. No condonation of delay was sought, so the debt and default could not be acted upon to initiate corporate insolvency resolution proceedings, and the application was rejected at the threshold without examination on merits. en-us Thu, 14 Oct 2021 00:00:00 +0530 Mon, 08 Nov 2021 07:00:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414413 An operational creditor's Section 9 IBC application was held to be time-barred because Article 137 of the Limitation Act applies to insolvency applications and the three-year period runs from the date the right to apply accrues. The invoices dated November 2013 to February 2014 and the claimed due date in March 2014 meant limitation expired well before the petition was filed in January 2020. No condonation of delay was sought, so the debt and default could not be acted upon to initiate corporate insolvency resolution proceedings, and the application was rejected at the threshold without examination on merits. Case-Laws Insolvency and Bankruptcy Thu, 14 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414413