https://www.taxtmi.com/caselaws?id=283290 A section 7 insolvency petition may remain within limitation where the execution of earlier recovery certificates was stayed, because the stayed period can be excluded under section 15 of the Limitation Act, 1963. Prior proceedings under the Maharashtra Co-operative Societies Act, 1960 do not necessarily bar insolvency proceedings by res judicata where the petition seeks resolution of insolvency rather than recovery. Where loan documents, recovery certificates and admitted liability establish financial debt and default above the statutory threshold, the section 7 requirements for admission are satisfied, enabling admission of the petition, declaration of moratorium and appointment of an Interim Resolution Professional. en-us Wed, 12 Jun 2019 00:00:00 +0530 Wed, 18 Sep 2019 07:45:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283290 A section 7 insolvency petition may remain within limitation where the execution of earlier recovery certificates was stayed, because the stayed period can be excluded under section 15 of the Limitation Act, 1963. Prior proceedings under the Maharashtra Co-operative Societies Act, 1960 do not necessarily bar insolvency proceedings by res judicata where the petition seeks resolution of insolvency rather than recovery. Where loan documents, recovery certificates and admitted liability establish financial debt and default above the statutory threshold, the section 7 requirements for admission are satisfied, enabling admission of the petition, declaration of moratorium and appointment of an Interim Resolution Professional. Case-Laws Insolvency and Bankruptcy Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283290