https://www.taxtmi.com/caselaws?id=299795 The application was not barred by limitation as the Respondent's balance sheet for 2015-16 acknowledged the liability, extending the limitation period. The share application money was considered a financial debt due to non-allotment of shares within the specified time frame. However, there was no default by the Respondent in refunding the money as evidence of delivery of the refund request was lacking. The Applicant was directed to complete formalities for the refund, with the application dismissed but the liberty to revive if the refund was not made post-compliance. en-us Thu, 25 Jul 2019 00:00:00 +0530 Thu, 30 Dec 2021 08:30:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299795 The application was not barred by limitation as the Respondent's balance sheet for 2015-16 acknowledged the liability, extending the limitation period. The share application money was considered a financial debt due to non-allotment of shares within the specified time frame. However, there was no default by the Respondent in refunding the money as evidence of delivery of the refund request was lacking. The Applicant was directed to complete formalities for the refund, with the application dismissed but the liberty to revive if the refund was not made post-compliance. Case-Laws Insolvency and Bankruptcy Thu, 25 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299795