https://www.taxtmi.com/caselaws?id=313601 Section 7 insolvency proceedings are governed by the Limitation Act through Section 238A of the Insolvency and Bankruptcy Code, and an acknowledgment of liability can extend the limitation period. The Supreme Court held that a prior declaration of non-performing asset did not by itself determine limitation; the relevant payment on 19.12.2016 constituted acknowledgment of debt, so limitation could not be computed only from the non-performing asset date. The appellate tribunal's limitation finding was set aside and the order of the National Company Law Tribunal was restored. en-us Tue, 13 Sep 2022 00:00:00 +0530 Tue, 23 Apr 2024 19:43:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313601 Section 7 insolvency proceedings are governed by the Limitation Act through Section 238A of the Insolvency and Bankruptcy Code, and an acknowledgment of liability can extend the limitation period. The Supreme Court held that a prior declaration of non-performing asset did not by itself determine limitation; the relevant payment on 19.12.2016 constituted acknowledgment of debt, so limitation could not be computed only from the non-performing asset date. The appellate tribunal's limitation finding was set aside and the order of the National Company Law Tribunal was restored. Case-Laws Insolvency and Bankruptcy Tue, 13 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313601