Corporate Insolvency Process: Time-Barred Applications if Default Exceeds Three Years Without Justifiable Delay.

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....Maintainability of application - initiation of CIRP - Period of limitation - the legislative policy now is to move away from the concept of “inability to pay debts” to “determination of default” - default referred to in the Code is that of actual non-payment by the corporate debtor when a debt has become due and payable - if default had occurred over three years prior to the date of filing of the application, the application would be time-barred save and except in those cases where, on facts, the delay in filing may be condoned - Appellate Tribunal had been in error in applying the period of limitation provided for mortgage liability for the purpose of limitation applicable to the application in question. - SC....