https://www.taxtmi.com/caselaws?id=415912 Limitation for a Section 7 insolvency application runs from the date of default under Article 137, and a later filing may be saved only by a legally effective acknowledgment or a fresh cause of action based on a decree or recovery certificate. Pendency of DRT proceedings, without any such determination, did not extend limitation. The balance-sheet entry was not treated as sufficient acknowledgment on the facts, particularly where the liability was shown as non-current and the dispute remained unresolved. The petition was therefore time-barred and not entertainable. en-us Mon, 06 Dec 2021 00:00:00 +0530 Fri, 17 Dec 2021 08:52:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415912 Limitation for a Section 7 insolvency application runs from the date of default under Article 137, and a later filing may be saved only by a legally effective acknowledgment or a fresh cause of action based on a decree or recovery certificate. Pendency of DRT proceedings, without any such determination, did not extend limitation. The balance-sheet entry was not treated as sufficient acknowledgment on the facts, particularly where the liability was shown as non-current and the dispute remained unresolved. The petition was therefore time-barred and not entertainable. Case-Laws Insolvency and Bankruptcy Mon, 06 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415912