https://www.taxtmi.com/caselaws?id=198406 An acknowledgment of liability in a balance sheet or written reply can extend limitation for a winding-up petition, and a separate civil remedy for recovery does not bar insolvency-style winding-up proceedings. On the facts, the company's balance sheet showed the petitioner as a creditor and the liability was also admitted in a director's reply to the Registrar of Companies, so the petition was treated as within time and maintainable. The attempt to recall, review and seek condonation of delay in relation to the admission and winding-up orders failed because the respondent had knowledge of the proceedings, received repeated opportunities, and offered no satisfactory explanation for the delay. The winding-up orders were sustained. en-us Mon, 18 May 1998 00:00:00 +0530 Tue, 30 Jan 2018 17:05:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198406 An acknowledgment of liability in a balance sheet or written reply can extend limitation for a winding-up petition, and a separate civil remedy for recovery does not bar insolvency-style winding-up proceedings. On the facts, the company's balance sheet showed the petitioner as a creditor and the liability was also admitted in a director's reply to the Registrar of Companies, so the petition was treated as within time and maintainable. The attempt to recall, review and seek condonation of delay in relation to the admission and winding-up orders failed because the respondent had knowledge of the proceedings, received repeated opportunities, and offered no satisfactory explanation for the delay. The winding-up orders were sustained. Case-Laws Companies Law Mon, 18 May 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198406