https://www.taxtmi.com/caselaws?id=427495 A Section 7 insolvency application was held time-barred because Article 137 of the Limitation Act applied and limitation ran from the date of contractual breach. The agreement imposed a maximum contractual period of 36 months and treated failure to launch the scheme within 180 days as default, making the transaction voidable at the promisee's option under Section 55 of the Contract Act. The right to sue arose when the breach occurred, and limitation could not be extended merely because the creditor exercised the option to void the agreement later. Filing in November 2020 was therefore beyond the prescribed period and the application could not be maintained. en-us Fri, 09 Sep 2022 00:00:00 +0530 Sat, 10 Sep 2022 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427495 A Section 7 insolvency application was held time-barred because Article 137 of the Limitation Act applied and limitation ran from the date of contractual breach. The agreement imposed a maximum contractual period of 36 months and treated failure to launch the scheme within 180 days as default, making the transaction voidable at the promisee's option under Section 55 of the Contract Act. The right to sue arose when the breach occurred, and limitation could not be extended merely because the creditor exercised the option to void the agreement later. Filing in November 2020 was therefore beyond the prescribed period and the application could not be maintained. Case-Laws Insolvency and Bankruptcy Fri, 09 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427495