https://www.taxtmi.com/caselaws?id=310865 A Section 7 insolvency application was held time-barred because limitation under Article 137 of the Limitation Act, 1963 runs for three years from the date the right to apply accrues. On the pleaded date of default of 24.10.2010, limitation had already expired, and non-delivery of possession did not suspend or extend time once default occurred. The alleged fresh period of limitation based on a RERA order was not available because no such foundation was raised in the Section 7 application or supporting pleadings. The NCLAT therefore upheld rejection of the application on limitation grounds. en-us Mon, 07 Feb 2022 00:00:00 +0530 Wed, 22 Nov 2023 21:26:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310865 A Section 7 insolvency application was held time-barred because limitation under Article 137 of the Limitation Act, 1963 runs for three years from the date the right to apply accrues. On the pleaded date of default of 24.10.2010, limitation had already expired, and non-delivery of possession did not suspend or extend time once default occurred. The alleged fresh period of limitation based on a RERA order was not available because no such foundation was raised in the Section 7 application or supporting pleadings. The NCLAT therefore upheld rejection of the application on limitation grounds. Case-Laws Insolvency and Bankruptcy Mon, 07 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310865