https://www.taxtmi.com/caselaws?id=347085 Signed balance sheets acknowledging outstanding liability extended limitation under section 18 of the Limitation Act, 1963, so the section 7 IBC application was within time. Documentary evidence, including the loan agreement, promissory note and pledge of shares, showed the advance retained the character of a loan and constituted a financial debt, while the alleged takeover arrangement was not substantiated. The absence of a banker's certificate did not defeat the application because the IBC required evidence of default, which was otherwise produced through loan documents, account statements and balance sheets. The insolvency petition was admitted, with default established and the objections rejected. en-us Wed, 19 Jul 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347085 Signed balance sheets acknowledging outstanding liability extended limitation under section 18 of the Limitation Act, 1963, so the section 7 IBC application was within time. Documentary evidence, including the loan agreement, promissory note and pledge of shares, showed the advance retained the character of a loan and constituted a financial debt, while the alleged takeover arrangement was not substantiated. The absence of a banker's certificate did not defeat the application because the IBC required evidence of default, which was otherwise produced through loan documents, account statements and balance sheets. The insolvency petition was admitted, with default established and the objections rejected. Case-Laws Insolvency and Bankruptcy Wed, 19 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347085