https://www.taxtmi.com/caselaws?id=397754 Limitation for a Section 7 IBC application runs from the date of default reflected by the non-performing asset classification, and a written acknowledgment of subsisting liability made before expiry of limitation renews time under Section 18 of the Limitation Act. Here, the debtor's acknowledgments dated 13 April 2015 and 1 June 2016, including a one-time settlement proposal, were treated as valid acknowledgments in writing that extended limitation. On that basis, the application filed on 29 September 2018 was within time and the limitation objection failed. en-us Fri, 28 Feb 2020 00:00:00 +0530 Thu, 27 Aug 2020 19:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397754 Limitation for a Section 7 IBC application runs from the date of default reflected by the non-performing asset classification, and a written acknowledgment of subsisting liability made before expiry of limitation renews time under Section 18 of the Limitation Act. Here, the debtor's acknowledgments dated 13 April 2015 and 1 June 2016, including a one-time settlement proposal, were treated as valid acknowledgments in writing that extended limitation. On that basis, the application filed on 29 September 2018 was within time and the limitation objection failed. Case-Laws Insolvency and Bankruptcy Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397754