https://www.taxtmi.com/caselaws?id=418714 Limitation for a Section 7 IBC application was examined with reference to Sections 18 and 19 of the Limitation Act, Section 5 of the Limitation Act, and Section 238-A of the IBC. Subsequent acknowledgments of liability, restructuring efforts, a one-time settlement offer, and DRT recovery proceedings were treated as relevant to determine whether the debt remained live. The recovery certificate was treated as giving rise to a fresh cause of action, and a financial creditor may invoke Section 7 within three years of that certificate or judgment/decree. On that basis, the application was not barred by limitation. en-us Mon, 21 Feb 2022 00:00:00 +0530 Tue, 22 Feb 2022 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418714 Limitation for a Section 7 IBC application was examined with reference to Sections 18 and 19 of the Limitation Act, Section 5 of the Limitation Act, and Section 238-A of the IBC. Subsequent acknowledgments of liability, restructuring efforts, a one-time settlement offer, and DRT recovery proceedings were treated as relevant to determine whether the debt remained live. The recovery certificate was treated as giving rise to a fresh cause of action, and a financial creditor may invoke Section 7 within three years of that certificate or judgment/decree. On that basis, the application was not barred by limitation. Case-Laws Insolvency and Bankruptcy Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418714