https://www.taxtmi.com/caselaws?id=426641 For Section 7 proceedings under the Insolvency and Bankruptcy Code, the relevant limitation date is the date of default, not merely the classification of the account as a non-performing asset. An unpaid decree or recovery certificate in favour of the financial creditor can create a fresh cause of action for insolvency proceedings, and limitation may also be extended by a valid acknowledgement of liability in balance sheets or audited financial statements under Section 18 of the Limitation Act, 1963. On the stated facts, the debt was acknowledged in audited financial statements and the application was filed within the extended limitation period, so the challenge based on limitation failed. en-us Thu, 18 Aug 2022 00:00:00 +0530 Mon, 22 Aug 2022 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426641 For Section 7 proceedings under the Insolvency and Bankruptcy Code, the relevant limitation date is the date of default, not merely the classification of the account as a non-performing asset. An unpaid decree or recovery certificate in favour of the financial creditor can create a fresh cause of action for insolvency proceedings, and limitation may also be extended by a valid acknowledgement of liability in balance sheets or audited financial statements under Section 18 of the Limitation Act, 1963. On the stated facts, the debt was acknowledged in audited financial statements and the application was filed within the extended limitation period, so the challenge based on limitation failed. Case-Laws Insolvency and Bankruptcy Thu, 18 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426641