https://www.taxtmi.com/caselaws?id=409055 A section 7 insolvency application was analysed as being within limitation because it was filed within three years of the recovery certificates issued in prior proceedings, which were treated as a fresh basis for limitation. A letter seeking one-time settlement was also treated as an acknowledgment of liability within the limitation period and therefore as extending limitation. The challenge based on the RBI circular failed because the application had to be assessed on its own merits, and the record showed financial debt and default sufficient for admission. The admission of the insolvency application was accordingly upheld. en-us Fri, 25 Jun 2021 00:00:00 +0530 Mon, 28 Jun 2021 10:04:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409055 A section 7 insolvency application was analysed as being within limitation because it was filed within three years of the recovery certificates issued in prior proceedings, which were treated as a fresh basis for limitation. A letter seeking one-time settlement was also treated as an acknowledgment of liability within the limitation period and therefore as extending limitation. The challenge based on the RBI circular failed because the application had to be assessed on its own merits, and the record showed financial debt and default sufficient for admission. The admission of the insolvency application was accordingly upheld. Case-Laws Insolvency and Bankruptcy Fri, 25 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409055