https://www.taxtmi.com/caselaws?id=302322 An application for initiation of corporate insolvency resolution process was held not maintainable where the operational debt became due in 2006 and the acknowledgment relied on was dated 21.10.2015. Limitation was applied on the basis that acknowledgment must occur within three years from the date the debt became due and payable; an acknowledgment made after that period cannot extend time under Section 18 read with Article 137. On the admitted facts, the alleged acknowledgment was far beyond the statutory period, so the proceeding was barred by limitation. en-us Wed, 27 Jan 2021 00:00:00 +0530 Mon, 16 May 2022 20:58:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302322 An application for initiation of corporate insolvency resolution process was held not maintainable where the operational debt became due in 2006 and the acknowledgment relied on was dated 21.10.2015. Limitation was applied on the basis that acknowledgment must occur within three years from the date the debt became due and payable; an acknowledgment made after that period cannot extend time under Section 18 read with Article 137. On the admitted facts, the alleged acknowledgment was far beyond the statutory period, so the proceeding was barred by limitation. Case-Laws Insolvency and Bankruptcy Wed, 27 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302322