https://www.taxtmi.com/caselaws?id=297915 Part-payment of a debt within the limitation period was treated as giving rise to a fresh period of limitation under Section 19 of the Limitation Act, 1963, so the Section 7 application filed in November 2019 was held to be within time. The Tribunal also found that the lending was a working capital term loan, the corporate debtor had admitted borrowing and liability, and the record established non-repayment; the claim therefore satisfied the definition of financial debt and default was proved. As the procedural requirements for admission were met and no disciplinary issue was shown against the proposed interim resolution professional, the application was admitted and corporate insolvency resolution process commenced. en-us Fri, 19 Feb 2021 00:00:00 +0530 Thu, 30 Sep 2021 10:16:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297915 Part-payment of a debt within the limitation period was treated as giving rise to a fresh period of limitation under Section 19 of the Limitation Act, 1963, so the Section 7 application filed in November 2019 was held to be within time. The Tribunal also found that the lending was a working capital term loan, the corporate debtor had admitted borrowing and liability, and the record established non-repayment; the claim therefore satisfied the definition of financial debt and default was proved. As the procedural requirements for admission were met and no disciplinary issue was shown against the proposed interim resolution professional, the application was admitted and corporate insolvency resolution process commenced. Case-Laws Insolvency and Bankruptcy Fri, 19 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297915