https://www.taxtmi.com/caselaws?id=299978 Limitation Act provisions apply to insolvency proceedings through Section 238A of the Insolvency and Bankruptcy Code. A financial creditor's application to commence corporate insolvency under Section 7 is governed by Article 137, with limitation running from the date of default. Valid acknowledgments of liability, including those reflected in balance sheets, may extend limitation under Section 18. Section 5 permits condonation where sufficient cause is established, including bona fide recovery efforts, uncertainty over limitation's applicability, and absence of mala fides or gross negligence. On these principles, delayed initiation of corporate insolvency may proceed where debt and default are established. en-us Wed, 22 Sep 2021 00:00:00 +0530 Fri, 07 Jan 2022 08:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299978 Limitation Act provisions apply to insolvency proceedings through Section 238A of the Insolvency and Bankruptcy Code. A financial creditor's application to commence corporate insolvency under Section 7 is governed by Article 137, with limitation running from the date of default. Valid acknowledgments of liability, including those reflected in balance sheets, may extend limitation under Section 18. Section 5 permits condonation where sufficient cause is established, including bona fide recovery efforts, uncertainty over limitation's applicability, and absence of mala fides or gross negligence. On these principles, delayed initiation of corporate insolvency may proceed where debt and default are established. Case-Laws Insolvency and Bankruptcy Wed, 22 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299978