https://www.taxtmi.com/caselaws?id=408312 Limitation under Section 7 IBC was saved because the period during which the remedy remained suspended under Section 22(5) of SICA had to be excluded, and the corporate debtor's written acknowledgment of liability further extended limitation under Section 18 of the Limitation Act. The record also established financial debt and default through the debtor's own correspondence seeking settlement, so admission of the insolvency petition followed once the statutory threshold was met. A direction compelling appropriation of no-lien account funds towards a proposed one-time settlement was refused, as the tribunal could not force acceptance of the settlement proposal. The Section 7 petition was admitted and the debtor's application dismissed. en-us Mon, 31 May 2021 00:00:00 +0530 Mon, 07 Jun 2021 08:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408312 Limitation under Section 7 IBC was saved because the period during which the remedy remained suspended under Section 22(5) of SICA had to be excluded, and the corporate debtor's written acknowledgment of liability further extended limitation under Section 18 of the Limitation Act. The record also established financial debt and default through the debtor's own correspondence seeking settlement, so admission of the insolvency petition followed once the statutory threshold was met. A direction compelling appropriation of no-lien account funds towards a proposed one-time settlement was refused, as the tribunal could not force acceptance of the settlement proposal. The Section 7 petition was admitted and the debtor's application dismissed. Case-Laws Insolvency and Bankruptcy Mon, 31 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408312