https://www.taxtmi.com/caselaws?id=287067 An application under section 7 of the Insolvency and Bankruptcy Code was examined for limitation, acknowledgment of liability, and admission requirements. The Tribunal treated post-default correspondence, a settlement proposal, part-payments, and balance-sheet disclosures as written acknowledgments showing subsisting liability and extending limitation under the Limitation Act. It also found that financial debt and default were supported by records and that the proposed interim resolution professional had furnished the required consent and disclosures. On that basis, the petition was admitted, CIRP was initiated, moratorium was declared, and the proposed interim resolution professional was appointed. en-us Thu, 21 Mar 2019 00:00:00 +0530 Fri, 27 Mar 2020 09:49:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287067 An application under section 7 of the Insolvency and Bankruptcy Code was examined for limitation, acknowledgment of liability, and admission requirements. The Tribunal treated post-default correspondence, a settlement proposal, part-payments, and balance-sheet disclosures as written acknowledgments showing subsisting liability and extending limitation under the Limitation Act. It also found that financial debt and default were supported by records and that the proposed interim resolution professional had furnished the required consent and disclosures. On that basis, the petition was admitted, CIRP was initiated, moratorium was declared, and the proposed interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Thu, 21 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287067