https://www.taxtmi.com/caselaws?id=406562 For Section 7 proceedings under the Insolvency and Bankruptcy Code, limitation is governed by Article 137 of the Limitation Act, with Section 238A making the Limitation Act applicable to the Code. A written acknowledgment of liability made before expiry of limitation extends time under Section 18, while part-payment before expiry attracts Section 19. On the facts discussed, audited balance sheets, financial statements, and one-time settlement correspondence were treated as showing subsisting liability and acknowledgment within limitation. The application was therefore within time, the plea of limitation failed, and the objection that balance sheets could not be relied on was rejected. en-us Thu, 08 Apr 2021 00:00:00 +0530 Mon, 28 Oct 2024 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406562 For Section 7 proceedings under the Insolvency and Bankruptcy Code, limitation is governed by Article 137 of the Limitation Act, with Section 238A making the Limitation Act applicable to the Code. A written acknowledgment of liability made before expiry of limitation extends time under Section 18, while part-payment before expiry attracts Section 19. On the facts discussed, audited balance sheets, financial statements, and one-time settlement correspondence were treated as showing subsisting liability and acknowledgment within limitation. The application was therefore within time, the plea of limitation failed, and the objection that balance sheets could not be relied on was rejected. Case-Laws IBC Thu, 08 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406562