https://www.taxtmi.com/caselaws?id=396864 Repeated acknowledgment of liability and the lifting of a prior restraint on recovery can preserve limitation for a section 7 Insolvency and Bankruptcy Code petition. Where the default had continued, but recovery proceedings were stayed by the High Court and later the debtor made one-time settlement proposals, the Tribunal treated the petition as filed within time. Documentary records, including loan documents, account statements, charge filings, CIBIL material and a bankers' books certificate, were accepted as establishing financial debt and default. On that basis, the statutory requirements for admission were satisfied, and the petition was admitted with initiation of CIRP, appointment of the proposed IRP and commencement of moratorium. en-us Fri, 03 Jan 2020 00:00:00 +0530 Thu, 23 Jul 2020 12:30:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396864 Repeated acknowledgment of liability and the lifting of a prior restraint on recovery can preserve limitation for a section 7 Insolvency and Bankruptcy Code petition. Where the default had continued, but recovery proceedings were stayed by the High Court and later the debtor made one-time settlement proposals, the Tribunal treated the petition as filed within time. Documentary records, including loan documents, account statements, charge filings, CIBIL material and a bankers' books certificate, were accepted as establishing financial debt and default. On that basis, the statutory requirements for admission were satisfied, and the petition was admitted with initiation of CIRP, appointment of the proposed IRP and commencement of moratorium. Case-Laws Insolvency and Bankruptcy Fri, 03 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396864