https://www.taxtmi.com/caselaws?id=392250 Acknowledgment of liability before expiry of limitation, including through balance-sheet disclosures, part-payments and restructuring communications, extended time under section 18 of the Limitation Act, so the section 7 insolvency application was not time-barred. The statutory scheme did not require prior consent of all consortium lenders before an individual financial creditor could file, and a contractual arrangement could not impose that extra condition; this objection failed. The record also showed valid internal authorisation for the signatory, so the filing was duly empowered and CIRP was directed to commence. en-us Fri, 08 Nov 2019 00:00:00 +0530 Mon, 17 Feb 2020 09:05:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392250 Acknowledgment of liability before expiry of limitation, including through balance-sheet disclosures, part-payments and restructuring communications, extended time under section 18 of the Limitation Act, so the section 7 insolvency application was not time-barred. The statutory scheme did not require prior consent of all consortium lenders before an individual financial creditor could file, and a contractual arrangement could not impose that extra condition; this objection failed. The record also showed valid internal authorisation for the signatory, so the filing was duly empowered and CIRP was directed to commence. Case-Laws Insolvency and Bankruptcy Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392250