https://www.taxtmi.com/caselaws?id=412122 A signed acknowledgement of liability in loan restructuring, promissory note and settlement correspondence executed before expiry of limitation extended the limitation period, so the section 7 application was not time-barred. Although default and financial debt were found to exist, the Tribunal, on the peculiar facts showing active settlement efforts and part-performance, set aside the admission order and granted the corporate debtor time to settle the dues, while preserving the creditor's right to proceed if settlement failed. en-us Thu, 09 Sep 2021 00:00:00 +0530 Fri, 10 Sep 2021 09:06:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412122 A signed acknowledgement of liability in loan restructuring, promissory note and settlement correspondence executed before expiry of limitation extended the limitation period, so the section 7 application was not time-barred. Although default and financial debt were found to exist, the Tribunal, on the peculiar facts showing active settlement efforts and part-performance, set aside the admission order and granted the corporate debtor time to settle the dues, while preserving the creditor's right to proceed if settlement failed. Case-Laws Insolvency and Bankruptcy Thu, 09 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412122