https://www.taxtmi.com/caselaws?id=437112 A Section 7 insolvency application is governed by Article 137 of the Limitation Act, so limitation runs for three years from the date of default. An acknowledgment can extend time under Section 18 only if it is in writing and made before expiry of the limitation period. Balance sheets and one-time settlement communications relied on by the creditor were outside the original period, and the SARFAESI reply was not an unequivocal acknowledgment. On that basis, the admission order could not be sustained and the insolvency application was treated as time-barred. en-us Wed, 26 Apr 2023 00:00:00 +0530 Thu, 27 Apr 2023 22:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437112 A Section 7 insolvency application is governed by Article 137 of the Limitation Act, so limitation runs for three years from the date of default. An acknowledgment can extend time under Section 18 only if it is in writing and made before expiry of the limitation period. Balance sheets and one-time settlement communications relied on by the creditor were outside the original period, and the SARFAESI reply was not an unequivocal acknowledgment. On that basis, the admission order could not be sustained and the insolvency application was treated as time-barred. Case-Laws Insolvency and Bankruptcy Wed, 26 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437112