https://www.taxtmi.com/caselaws?id=406637 Section 18 of the Limitation Act applies to Section 7 proceedings under the Insolvency and Bankruptcy Code through Section 238A, so a pre-expiry acknowledgment can extend limitation if its statutory requirements are met. A signed balance sheet may constitute such acknowledgment where it contains an unequivocal admission of a subsisting liability, but the document must be read as a whole with any annexed notes or auditor remarks. Qualifying statements, caveats, or inconsistent explanations can defeat an otherwise apparent admission, so the question is case-specific on the wording and surrounding financial statements. en-us Thu, 15 Apr 2021 00:00:00 +0530 Mon, 08 Aug 2022 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406637 Section 18 of the Limitation Act applies to Section 7 proceedings under the Insolvency and Bankruptcy Code through Section 238A, so a pre-expiry acknowledgment can extend limitation if its statutory requirements are met. A signed balance sheet may constitute such acknowledgment where it contains an unequivocal admission of a subsisting liability, but the document must be read as a whole with any annexed notes or auditor remarks. Qualifying statements, caveats, or inconsistent explanations can defeat an otherwise apparent admission, so the question is case-specific on the wording and surrounding financial statements. Case-Laws Insolvency and Bankruptcy Thu, 15 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406637