https://www.taxtmi.com/caselaws?id=414950 A Section 7 application under the Insolvency and Bankruptcy Code was held time-barred because the account had already become non-performing, the right to sue arose on default, and limitation under Article 137 had expired before the BIFR reference. The later dismissal of the BIFR proceedings did not create a fresh cause of action. No valid written acknowledgment signed by the debtor was shown to extend limitation under Section 18 of the Limitation Act, and restructuring material, annual reports, or assignment-related documents did not revive the stale debt. Proceedings under the Code cannot be used to enforce a claim already barred by limitation, so the insolvency petition remained dismissed. en-us Thu, 18 Nov 2021 00:00:00 +0530 Mon, 22 Nov 2021 06:07:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414950 A Section 7 application under the Insolvency and Bankruptcy Code was held time-barred because the account had already become non-performing, the right to sue arose on default, and limitation under Article 137 had expired before the BIFR reference. The later dismissal of the BIFR proceedings did not create a fresh cause of action. No valid written acknowledgment signed by the debtor was shown to extend limitation under Section 18 of the Limitation Act, and restructuring material, annual reports, or assignment-related documents did not revive the stale debt. Proceedings under the Code cannot be used to enforce a claim already barred by limitation, so the insolvency petition remained dismissed. Case-Laws Insolvency and Bankruptcy Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414950