https://www.taxtmi.com/caselaws?id=422131 The Supreme Court affirmed the decisions of the lower tribunals, ruling that the appellant's application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was time-barred due to lack of acknowledgment of liability. The Court rejected the appellant's reliance on loan restructuring documents and a revival letter, stating they did not support the application. Emphasizing that the Code aims to revive debtors, not for direct money recovery, the Court dismissed the appeal. The appellant was advised to pursue other proceedings independently. The Court's decision upheld the Code's principles and maintained legal integrity. en-us Mon, 25 Apr 2022 00:00:00 +0530 Tue, 10 May 2022 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422131 The Supreme Court affirmed the decisions of the lower tribunals, ruling that the appellant's application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was time-barred due to lack of acknowledgment of liability. The Court rejected the appellant's reliance on loan restructuring documents and a revival letter, stating they did not support the application. Emphasizing that the Code aims to revive debtors, not for direct money recovery, the Court dismissed the appeal. The appellant was advised to pursue other proceedings independently. The Court's decision upheld the Code's principles and maintained legal integrity. Case-Laws Insolvency and Bankruptcy Mon, 25 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422131