https://www.taxtmi.com/caselaws?id=430620 For a Section 7 insolvency application, limitation is assessed from the date of default, not merely from the account being classified as NPA. A valid acknowledgment of debt or part payment made before expiry of limitation extends time under Section 18 of the Limitation Act, 1963. On the record, restructuring documents, part payment, and further correspondence acknowledging liability kept the application within time. The materials also established financial debt and default, so the admission of the insolvency petition was upheld and the limitation objection failed. en-us Wed, 23 Nov 2022 00:00:00 +0530 Thu, 24 Nov 2022 08:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430620 For a Section 7 insolvency application, limitation is assessed from the date of default, not merely from the account being classified as NPA. A valid acknowledgment of debt or part payment made before expiry of limitation extends time under Section 18 of the Limitation Act, 1963. On the record, restructuring documents, part payment, and further correspondence acknowledging liability kept the application within time. The materials also established financial debt and default, so the admission of the insolvency petition was upheld and the limitation objection failed. Case-Laws Insolvency and Bankruptcy Wed, 23 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430620