https://www.taxtmi.com/caselaws?id=786461 A section 7 application was discussed on limitation, acknowledgment of liability, financial service provider status, and the effect of a settlement arrangement on debt and default. The filing was treated as within three years from the recall notice, and the settlement agreement was taken as an acknowledgment preserving limitation. However, the respondent was characterised as an NBFC and financial service provider at the relevant time, making section 7 proceedings not maintainable against it. The loan, assignment, recall notice, and settlement were also viewed as part of an intertwined commercial arrangement, so debt and default were not clearly established for admission under the Code. en-us Fri, 06 Feb 2026 00:00:00 +0530 Fri, 13 Feb 2026 09:18:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786461 A section 7 application was discussed on limitation, acknowledgment of liability, financial service provider status, and the effect of a settlement arrangement on debt and default. The filing was treated as within three years from the recall notice, and the settlement agreement was taken as an acknowledgment preserving limitation. However, the respondent was characterised as an NBFC and financial service provider at the relevant time, making section 7 proceedings not maintainable against it. The loan, assignment, recall notice, and settlement were also viewed as part of an intertwined commercial arrangement, so debt and default were not clearly established for admission under the Code. Case-Laws IBC Fri, 06 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786461