https://www.taxtmi.com/caselaws?id=427066 A section 9 insolvency application was treated as timely because limitation under Article 137 ran from the date of accrual of the right to apply, and the debtor's last payment was treated as an acknowledgment of liability within three years. The enhanced minimum default threshold was held to apply prospectively, so the application was tested under the earlier pecuniary limit in force on the filing date and satisfied that threshold. The debtor's objections on defective goods and absent inspection or quality reports were unsupported, so the record established operational debt and default. The application was admitted under section 9(5), and CIRP, moratorium, and appointment of an interim resolution professional followed. en-us Wed, 17 Aug 2022 00:00:00 +0530 Thu, 01 Sep 2022 08:29:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427066 A section 9 insolvency application was treated as timely because limitation under Article 137 ran from the date of accrual of the right to apply, and the debtor's last payment was treated as an acknowledgment of liability within three years. The enhanced minimum default threshold was held to apply prospectively, so the application was tested under the earlier pecuniary limit in force on the filing date and satisfied that threshold. The debtor's objections on defective goods and absent inspection or quality reports were unsupported, so the record established operational debt and default. The application was admitted under section 9(5), and CIRP, moratorium, and appointment of an interim resolution professional followed. Case-Laws Insolvency and Bankruptcy Wed, 17 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427066