https://www.taxtmi.com/caselaws?id=458912 An application under Section 7 of the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act. Where the default relied on arose from the financial creditor's facilities, a later decree in favour of another creditor could only give a fresh three-year period from the decree date. A decree dated 10 April 2000 therefore expired on 9 April 2003, and acknowledgements or one-time settlement proposals made after that expiry could not revive limitation under Section 18 of the Limitation Act. The plea based on Section 25(3) of the Indian Contract Act was not entertained because it lacked a proper foundation in the pleadings and appeal grounds. en-us Mon, 14 Nov 2022 00:00:00 +0530 Thu, 21 Nov 2024 19:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458912 An application under Section 7 of the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act. Where the default relied on arose from the financial creditor's facilities, a later decree in favour of another creditor could only give a fresh three-year period from the decree date. A decree dated 10 April 2000 therefore expired on 9 April 2003, and acknowledgements or one-time settlement proposals made after that expiry could not revive limitation under Section 18 of the Limitation Act. The plea based on Section 25(3) of the Indian Contract Act was not entertained because it lacked a proper foundation in the pleadings and appeal grounds. Case-Laws IBC Mon, 14 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458912