Insolvency and Bankruptcy Code: s.7 – Limitation – An application under s.7 of the Code does not purport to be an application to enforce any mortgage liability – It is an application made by a financial creditor stating that a default, as defined under the Code, has been made, which default amounts to Rs. 1,00,000/- or more which then triggers the application of the Code – The date of coming into force of the IBC Code does not and cannot form a trigger point of limitation for applications filed under the Code – Equally, since “applications” are petitions which are filed under the Code, it is Art.137 of the Limitation Act which will apply to such applications – The judgment under appeal set aside and matter remitted for determination afresh – Limitation Act – Art.137.