https://www.taxtmi.com/caselaws?id=378568 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was found to be within limitation because the corporate debtor had made subsequent acknowledgements of liability in its accounts and annual report. The Tribunal treated those entries as acknowledgements under section 18 of the Limitation Act, 1963, so a fresh period of limitation ran from the date of acknowledgement made before expiry of the original period. It also held that the debtor had not disproved the debt reflected in its books, and the proposed one-time settlement did not negate subsisting liability. The debt and default were therefore established, and the petition was admitted for commencement of corporate insolvency resolution process. en-us Mon, 25 Feb 2019 00:00:00 +0530 Thu, 18 Apr 2019 08:23:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378568 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was found to be within limitation because the corporate debtor had made subsequent acknowledgements of liability in its accounts and annual report. The Tribunal treated those entries as acknowledgements under section 18 of the Limitation Act, 1963, so a fresh period of limitation ran from the date of acknowledgement made before expiry of the original period. It also held that the debtor had not disproved the debt reflected in its books, and the proposed one-time settlement did not negate subsisting liability. The debt and default were therefore established, and the petition was admitted for commencement of corporate insolvency resolution process. Case-Laws Insolvency and Bankruptcy Mon, 25 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378568