https://www.taxtmi.com/caselaws?id=408940 Documentary acknowledgment of liability by the corporate debtor, including successive balance confirmations, was treated as sufficient proof of debt and default, despite the debtor's challenge to the transaction's nature. The petition was also found within limitation because Article 137 of the Limitation Act, applied through section 238A of the IBC, captured defaults occurring within three years of filing. The respondent's claim that it was a non-banking financial company failed for want of RBI registration or recognition, so it was not shown to fall outside section 7 insolvency proceedings. The section 7 application was therefore maintainable and CIRP was directed to commence. en-us Wed, 28 Apr 2021 00:00:00 +0530 Thu, 24 Jun 2021 19:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408940 Documentary acknowledgment of liability by the corporate debtor, including successive balance confirmations, was treated as sufficient proof of debt and default, despite the debtor's challenge to the transaction's nature. The petition was also found within limitation because Article 137 of the Limitation Act, applied through section 238A of the IBC, captured defaults occurring within three years of filing. The respondent's claim that it was a non-banking financial company failed for want of RBI registration or recognition, so it was not shown to fall outside section 7 insolvency proceedings. The section 7 application was therefore maintainable and CIRP was directed to commence. Case-Laws Insolvency and Bankruptcy Wed, 28 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408940