https://www.taxtmi.com/caselaws?id=293166 A valid acknowledgment of liability within the limitation period extends time under Section 18 of the Limitation Act, 1963, and the Section 7 insolvency application was therefore not time-barred. The Tribunal accepted an email and supporting letter in which the corporate debtor admitted outstanding dues and expressed an intention to repay, treating them as sufficient acknowledgment. The objection based on the absence of a record of default under Section 7(3)(b) of the Insolvency and Bankruptcy Code, 2016 also failed because the record otherwise showed sufficient material to establish default. The admission of the corporate insolvency resolution process was sustained. en-us Wed, 22 Jan 2020 00:00:00 +0530 Wed, 27 Jan 2021 18:59:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293166 A valid acknowledgment of liability within the limitation period extends time under Section 18 of the Limitation Act, 1963, and the Section 7 insolvency application was therefore not time-barred. The Tribunal accepted an email and supporting letter in which the corporate debtor admitted outstanding dues and expressed an intention to repay, treating them as sufficient acknowledgment. The objection based on the absence of a record of default under Section 7(3)(b) of the Insolvency and Bankruptcy Code, 2016 also failed because the record otherwise showed sufficient material to establish default. The admission of the corporate insolvency resolution process was sustained. Case-Laws Insolvency and Bankruptcy Wed, 22 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293166