https://www.taxtmi.com/caselaws?id=300994 An assignee seeking admission of a section 7 insolvency application must show that the debt is reflected in its own records; where the account statements were in a third-party bank's books and no material showed the debt in the applicant's records, locus standi was not established and the application failed. Limitation must also be specifically pleaded and supported; where default was stated as 30.06.2014 but the petition was filed only in May 2019 with no plea for exclusion, extension, or condonation of delay, the defect was treated as fatal. On both grounds, the section 7 application was held not maintainable and was dismissed. en-us Fri, 13 Aug 2021 00:00:00 +0530 Mon, 07 Mar 2022 08:41:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300994 An assignee seeking admission of a section 7 insolvency application must show that the debt is reflected in its own records; where the account statements were in a third-party bank's books and no material showed the debt in the applicant's records, locus standi was not established and the application failed. Limitation must also be specifically pleaded and supported; where default was stated as 30.06.2014 but the petition was filed only in May 2019 with no plea for exclusion, extension, or condonation of delay, the defect was treated as fatal. On both grounds, the section 7 application was held not maintainable and was dismissed. Case-Laws Insolvency and Bankruptcy Fri, 13 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300994