https://www.taxtmi.com/caselaws?id=303517 An application under section 7 of the Insolvency and Bankruptcy Code was found time-barred because the debt had defaulted and the account was declared NPA on 10.06.2014, while the application was filed on 19.09.2018, beyond the three-year limitation period. The balance-sheet entries did not extend limitation, as mandatory statutory financial statements were not treated as acknowledgement of debt under section 18 of the Limitation Act, 1963. The one-time settlement proposal also did not revive limitation because it was made after expiry of the original period. The application was therefore rejected. en-us Wed, 16 Sep 2020 00:00:00 +0530 Wed, 27 Jul 2022 21:28:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303517 An application under section 7 of the Insolvency and Bankruptcy Code was found time-barred because the debt had defaulted and the account was declared NPA on 10.06.2014, while the application was filed on 19.09.2018, beyond the three-year limitation period. The balance-sheet entries did not extend limitation, as mandatory statutory financial statements were not treated as acknowledgement of debt under section 18 of the Limitation Act, 1963. The one-time settlement proposal also did not revive limitation because it was made after expiry of the original period. The application was therefore rejected. Case-Laws Insolvency and Bankruptcy Wed, 16 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303517