https://www.taxtmi.com/caselaws?id=437805 For limitation under the Insolvency and Bankruptcy Code, the period during which a corporate debtor's reference remained pending before the BIFR under the SICA was excluded, because pendency of the reference suspended the remedy for limitation purposes. The relevant default date was the invocation of the corporate guarantee, not the earlier declaration of the borrower's account as NPA. As the BIFR reference continued until repeal of the SICA, limitation began to run from the repeal date, and the Section 7 application filed within three years was not time-barred; the rejection of the insolvency application on limitation was set aside. en-us Tue, 09 May 2023 00:00:00 +0530 Tue, 16 May 2023 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437805 For limitation under the Insolvency and Bankruptcy Code, the period during which a corporate debtor's reference remained pending before the BIFR under the SICA was excluded, because pendency of the reference suspended the remedy for limitation purposes. The relevant default date was the invocation of the corporate guarantee, not the earlier declaration of the borrower's account as NPA. As the BIFR reference continued until repeal of the SICA, limitation began to run from the repeal date, and the Section 7 application filed within three years was not time-barred; the rejection of the insolvency application on limitation was set aside. Case-Laws Insolvency and Bankruptcy Tue, 09 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437805