https://www.taxtmi.com/caselaws?id=413656 Proceedings under the Insolvency and Bankruptcy Code are subject to the Limitation Act, 1963, and a Section 7 application is saved from limitation where the corporate debtor has, before expiry of the initial three-year period, made a written acknowledgment of a subsisting liability. Balance sheets and a proposal for one-time settlement may constitute acknowledgment under Section 18 if they reflect the debtor-creditor relationship and a present liability. Additional documents placed on record before final decision may also be considered, and incomplete Form-1 pleadings do not, by themselves, bar reliance on such material. On that basis, the limitation objection failed and the application was treated as not time-barred. en-us Mon, 04 Oct 2021 00:00:00 +0530 Sat, 16 Oct 2021 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413656 Proceedings under the Insolvency and Bankruptcy Code are subject to the Limitation Act, 1963, and a Section 7 application is saved from limitation where the corporate debtor has, before expiry of the initial three-year period, made a written acknowledgment of a subsisting liability. Balance sheets and a proposal for one-time settlement may constitute acknowledgment under Section 18 if they reflect the debtor-creditor relationship and a present liability. Additional documents placed on record before final decision may also be considered, and incomplete Form-1 pleadings do not, by themselves, bar reliance on such material. On that basis, the limitation objection failed and the application was treated as not time-barred. Case-Laws Insolvency and Bankruptcy Mon, 04 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413656