https://www.taxtmi.com/caselaws?id=296924 Disclosure of liability in audited balance sheets was treated as acknowledgement of debt, and part-payment was also relied on to extend limitation, so the Section 7 insolvency claim was treated as not time-barred. Pendency of DRT proceedings and SARFAESI action was not considered a bar to admission of a complete insolvency application because the Insolvency and Bankruptcy Code was applied as overriding inconsistent recovery processes. On the stated facts, debt and default were regarded as established, and admission of the petition was followed by moratorium and CIRP initiation. en-us Tue, 09 Apr 2019 00:00:00 +0530 Wed, 11 Aug 2021 21:23:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296924 Disclosure of liability in audited balance sheets was treated as acknowledgement of debt, and part-payment was also relied on to extend limitation, so the Section 7 insolvency claim was treated as not time-barred. Pendency of DRT proceedings and SARFAESI action was not considered a bar to admission of a complete insolvency application because the Insolvency and Bankruptcy Code was applied as overriding inconsistent recovery processes. On the stated facts, debt and default were regarded as established, and admission of the petition was followed by moratorium and CIRP initiation. Case-Laws Insolvency and Bankruptcy Tue, 09 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296924