https://www.taxtmi.com/caselaws?id=406137 Limitation for a section 7 IBC application is governed by article 137 of the Limitation Act, but it may be extended by a valid written acknowledgment under section 18 or part-payment under section 19 made before expiry. On the stated facts, successive balance-sheet entries and an admitted cheque payment were treated as relevant acknowledgments, and the earlier winding-up proceedings were also considered in the limitation analysis. The assignee was further recognised as a financial creditor competent to maintain the section 7 application. The impugned order was therefore set aside and the section 7 proceeding restored. en-us Thu, 01 Apr 2021 00:00:00 +0530 Mon, 28 Oct 2024 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406137 Limitation for a section 7 IBC application is governed by article 137 of the Limitation Act, but it may be extended by a valid written acknowledgment under section 18 or part-payment under section 19 made before expiry. On the stated facts, successive balance-sheet entries and an admitted cheque payment were treated as relevant acknowledgments, and the earlier winding-up proceedings were also considered in the limitation analysis. The assignee was further recognised as a financial creditor competent to maintain the section 7 application. The impugned order was therefore set aside and the section 7 proceeding restored. Case-Laws IBC Thu, 01 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406137