https://www.taxtmi.com/caselaws?id=397593 A written settlement proposal for an admitted debt can amount to acknowledgment of liability under Section 18 of the Limitation Act, 1963 if it is made before expiry of limitation. The NCLAT read the corporate debtor's correspondence, including letters dated 24.04.2012, 12.03.2014 and 09.06.2016, as acknowledging an existing outstanding liability despite the phrase "without prejudice". On that basis, fresh limitation periods ran from the acknowledged dates, and the Section 7 application filed on 11.07.2018 was held to be within time and not barred by limitation. en-us Thu, 06 Feb 2020 00:00:00 +0530 Mon, 24 Aug 2020 11:25:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397593 A written settlement proposal for an admitted debt can amount to acknowledgment of liability under Section 18 of the Limitation Act, 1963 if it is made before expiry of limitation. The NCLAT read the corporate debtor's correspondence, including letters dated 24.04.2012, 12.03.2014 and 09.06.2016, as acknowledging an existing outstanding liability despite the phrase "without prejudice". On that basis, fresh limitation periods ran from the acknowledged dates, and the Section 7 application filed on 11.07.2018 was held to be within time and not barred by limitation. Case-Laws Insolvency and Bankruptcy Thu, 06 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397593