https://www.taxtmi.com/caselaws?id=394065 An application under section 7 was found maintainable where the authorised officer was properly named and supported by a valid authorisation letter. The claim was held within limitation because acknowledgments in the corporate debtor's balance sheets and related records extended limitation under the Limitation Act as applied by section 238A of the IBC. Pendency of SARFAESI or DRT proceedings, and the existence of a counter-claim, did not displace the financial creditor's petition once debt and default were shown. On the record, sanctioned facilities, unpaid liabilities, acknowledgments and default established financial debt and default, so the petition was admitted and CIRP commenced with moratorium. en-us Mon, 04 Nov 2019 00:00:00 +0530 Tue, 31 Mar 2020 12:31:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394065 An application under section 7 was found maintainable where the authorised officer was properly named and supported by a valid authorisation letter. The claim was held within limitation because acknowledgments in the corporate debtor's balance sheets and related records extended limitation under the Limitation Act as applied by section 238A of the IBC. Pendency of SARFAESI or DRT proceedings, and the existence of a counter-claim, did not displace the financial creditor's petition once debt and default were shown. On the record, sanctioned facilities, unpaid liabilities, acknowledgments and default established financial debt and default, so the petition was admitted and CIRP commenced with moratorium. Case-Laws Insolvency and Bankruptcy Mon, 04 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394065