https://www.taxtmi.com/caselaws?id=798534 Continuing failure by a corporate debtor to deliver possession or refund amounts may constitute a subsisting default for limitation purposes under a financial creditor's Section 7 insolvency application. Where a revival scheme acknowledges the creditor's claim, that acknowledgment supports extension of limitation despite the three-year period ordinarily applicable from default. An unworkable revival scheme that has been set aside, and pending winding-up proceedings, do not independently bar Section 7 proceedings; insolvency resolution may continue where debt and default are established. en-us Mon, 07 Sep 2026 00:00:00 +0530 Wed, 09 Sep 2026 08:20:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798534 Continuing failure by a corporate debtor to deliver possession or refund amounts may constitute a subsisting default for limitation purposes under a financial creditor's Section 7 insolvency application. Where a revival scheme acknowledges the creditor's claim, that acknowledgment supports extension of limitation despite the three-year period ordinarily applicable from default. An unworkable revival scheme that has been set aside, and pending winding-up proceedings, do not independently bar Section 7 proceedings; insolvency resolution may continue where debt and default are established. Case-Laws IBC Mon, 07 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798534