https://www.taxtmi.com/caselaws?id=304339 For a section 9 insolvency application, limitation runs from the date of default and Article 137 of the Limitation Act applies; where more than three years had elapsed and no extension or condonation was shown, the claim was treated as time-barred. Advance payment made for goods that were not supplied, by itself, was treated as not constituting operational debt for section 9 purposes, so it could not support maintainability of the insolvency application. The application was therefore rejected as both time-barred and not maintainable, without prejudice to other remedies in law. en-us Tue, 15 Oct 2019 00:00:00 +0530 Thu, 22 Sep 2022 07:38:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304339 For a section 9 insolvency application, limitation runs from the date of default and Article 137 of the Limitation Act applies; where more than three years had elapsed and no extension or condonation was shown, the claim was treated as time-barred. Advance payment made for goods that were not supplied, by itself, was treated as not constituting operational debt for section 9 purposes, so it could not support maintainability of the insolvency application. The application was therefore rejected as both time-barred and not maintainable, without prejudice to other remedies in law. Case-Laws Insolvency and Bankruptcy Tue, 15 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304339