https://www.taxtmi.com/caselaws?id=397600 A written acknowledgment of liability or part-payment made within limitation can extend time for a section 7 insolvency application under article 137 of the Limitation Act, 1963. Here, the debt was rescheduled in 2016, the corporate debtor signed a fresh acceptance arrangement, and further part-payments were made thereafter. Those steps showed continuing liability, so the application was not confined to the original 2012 default date. The non-payment after 31 May 2017 kept the claim within the limitation period, and the September 2018 filing was held to be in time. The limitation objection therefore failed, and the section 7 application was maintainable. en-us Thu, 05 Mar 2020 00:00:00 +0530 Wed, 01 Dec 2021 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397600 A written acknowledgment of liability or part-payment made within limitation can extend time for a section 7 insolvency application under article 137 of the Limitation Act, 1963. Here, the debt was rescheduled in 2016, the corporate debtor signed a fresh acceptance arrangement, and further part-payments were made thereafter. Those steps showed continuing liability, so the application was not confined to the original 2012 default date. The non-payment after 31 May 2017 kept the claim within the limitation period, and the September 2018 filing was held to be in time. The limitation objection therefore failed, and the section 7 application was maintainable. Case-Laws Insolvency and Bankruptcy Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397600