https://www.taxtmi.com/caselaws?id=431862 Limitation for a Section 7 insolvency application is governed by Article 137 of the Limitation Act, and a written acknowledgment made before expiry of the limitation period extends time. The text states that restructuring letters, consent terms, balance-sheet entries and similar acknowledgments kept the claim within limitation, and that a recovery certificate or decree could give rise to a fresh cause of action if the debt remained unpaid. It further notes that default under the Insolvency and Bankruptcy Code is non-payment of a due debt, and that continuing liability evidenced by restructuring correspondence and recovery proceedings supported the finding of default. The NPA date was not treated as conclusive. en-us Thu, 22 Dec 2022 00:00:00 +0530 Fri, 23 Dec 2022 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431862 Limitation for a Section 7 insolvency application is governed by Article 137 of the Limitation Act, and a written acknowledgment made before expiry of the limitation period extends time. The text states that restructuring letters, consent terms, balance-sheet entries and similar acknowledgments kept the claim within limitation, and that a recovery certificate or decree could give rise to a fresh cause of action if the debt remained unpaid. It further notes that default under the Insolvency and Bankruptcy Code is non-payment of a due debt, and that continuing liability evidenced by restructuring correspondence and recovery proceedings supported the finding of default. The NPA date was not treated as conclusive. Case-Laws Insolvency and Bankruptcy Thu, 22 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431862