https://www.taxtmi.com/caselaws?id=392878 Balance confirmation letters issued by the corporate debtor were treated as acknowledgments of subsisting liability, so the section 7 application was not barred by limitation. Documentary records, including sanction letters, loan documents, promissory notes, hypothecation papers, revival letters and account statements, established financial debt and default, while the signatory's authority was found proper; unsupported objections of no debt, pre-existing dispute and invalid authority were rejected. As the application was complete and the statutory admission requirements were satisfied, the insolvency petition was admitted and moratorium under the Insolvency and Bankruptcy Code, 2016 became operative, commencing the corporate insolvency resolution process. en-us Mon, 19 Aug 2019 00:00:00 +0530 Mon, 02 Mar 2020 11:42:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392878 Balance confirmation letters issued by the corporate debtor were treated as acknowledgments of subsisting liability, so the section 7 application was not barred by limitation. Documentary records, including sanction letters, loan documents, promissory notes, hypothecation papers, revival letters and account statements, established financial debt and default, while the signatory's authority was found proper; unsupported objections of no debt, pre-existing dispute and invalid authority were rejected. As the application was complete and the statutory admission requirements were satisfied, the insolvency petition was admitted and moratorium under the Insolvency and Bankruptcy Code, 2016 became operative, commencing the corporate insolvency resolution process. Case-Laws Insolvency and Bankruptcy Mon, 19 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392878