https://www.taxtmi.com/caselaws?id=410737 Limitation for a Section 7 IBC application is governed by Article 137 of the Limitation Act as applied by Section 238A, and a timely written acknowledgment of liability can extend time under Section 18. One-time settlement proposals, balance sheets and financial statements may constitute valid acknowledgments if made within the limitation period, keeping the insolvency claim alive. An unsatisfied final decree and recovery certificate can also furnish a fresh enforceable basis and new starting point for limitation. The Code and rules do not impose an absolute bar on amendment of pleadings or filing of additional documents before final disposal, and such material may be considered if no prejudice or statutory prohibition is shown. en-us Wed, 04 Aug 2021 00:00:00 +0530 Thu, 28 Apr 2022 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410737 Limitation for a Section 7 IBC application is governed by Article 137 of the Limitation Act as applied by Section 238A, and a timely written acknowledgment of liability can extend time under Section 18. One-time settlement proposals, balance sheets and financial statements may constitute valid acknowledgments if made within the limitation period, keeping the insolvency claim alive. An unsatisfied final decree and recovery certificate can also furnish a fresh enforceable basis and new starting point for limitation. The Code and rules do not impose an absolute bar on amendment of pleadings or filing of additional documents before final disposal, and such material may be considered if no prejudice or statutory prohibition is shown. Case-Laws Insolvency and Bankruptcy Wed, 04 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410737