https://www.taxtmi.com/caselaws?id=763304 A Section 7 IBC application was held time-barred because Article 137 applied and the refund right accrued when the project failed to commence within the stipulated contractual period; a later termination notice did not defer limitation. The corporate debtor was also found to have discharged the balance liability by showing payment records, refunded sums, and related correspondence indicating the remaining amount had been dealt with for onward refund and project purposes. Allegations of collusion were insufficient to attract Section 65, as the material did not establish fraudulent or malicious filing of the insolvency proceeding. The admission order under Section 7 was set aside. en-us Wed, 27 Nov 2024 00:00:00 +0530 Mon, 16 Dec 2024 17:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763304 A Section 7 IBC application was held time-barred because Article 137 applied and the refund right accrued when the project failed to commence within the stipulated contractual period; a later termination notice did not defer limitation. The corporate debtor was also found to have discharged the balance liability by showing payment records, refunded sums, and related correspondence indicating the remaining amount had been dealt with for onward refund and project purposes. Allegations of collusion were insufficient to attract Section 65, as the material did not establish fraudulent or malicious filing of the insolvency proceeding. The admission order under Section 7 was set aside. Case-Laws IBC Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763304