https://www.taxtmi.com/caselaws?id=372118 Repeated acknowledgments through promissory notes, cheques, confirmations and e-mails were treated as sufficient to show limitation was not fatal and that the right to initiate insolvency had been exercised within time. The tribunal found the advances had the commercial effect of borrowing, creating financial debt supported by time-value-of-money consideration, agreed interest and repayment terms. It also accepted documentary proof of default without information utility records, upheld a joint application by multiple financial creditors, treated a fresh power of attorney as curing authorisation defects, and held that internal articles-based restrictions could not be used by the debtor to avoid liability after accepting and using the funds. en-us Fri, 12 Oct 2018 00:00:00 +0530 Tue, 18 Dec 2018 10:35:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372118 Repeated acknowledgments through promissory notes, cheques, confirmations and e-mails were treated as sufficient to show limitation was not fatal and that the right to initiate insolvency had been exercised within time. The tribunal found the advances had the commercial effect of borrowing, creating financial debt supported by time-value-of-money consideration, agreed interest and repayment terms. It also accepted documentary proof of default without information utility records, upheld a joint application by multiple financial creditors, treated a fresh power of attorney as curing authorisation defects, and held that internal articles-based restrictions could not be used by the debtor to avoid liability after accepting and using the funds. Case-Laws Insolvency and Bankruptcy Fri, 12 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372118