https://www.taxtmi.com/caselaws?id=797650 Limitation for a personal guarantor's insolvency application commences when the guarantee is invoked. Under Article 137 of the Limitation Act, the applicable period is three years. A fresh period under the acknowledgment rule requires a written acknowledgment signed by the party against whom the right is asserted. One-time settlement proposals made by the guarantor are unilateral admissions and cannot be invoked by that guarantor to extend limitation in the guarantor's own favour. Consequently, an application filed more than three years after guarantee invocation is barred by limitation. en-us Fri, 21 Aug 2026 00:00:00 +0530 Wed, 26 Aug 2026 08:27:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797650 Limitation for a personal guarantor's insolvency application commences when the guarantee is invoked. Under Article 137 of the Limitation Act, the applicable period is three years. A fresh period under the acknowledgment rule requires a written acknowledgment signed by the party against whom the right is asserted. One-time settlement proposals made by the guarantor are unilateral admissions and cannot be invoked by that guarantor to extend limitation in the guarantor's own favour. Consequently, an application filed more than three years after guarantee invocation is barred by limitation. Case-Laws IBC Fri, 21 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797650