https://www.taxtmi.com/caselaws?id=414586 Acknowledgment of liability in signed financial statements, annual reports and a one-time settlement proposal can extend limitation for a Section 7 Insolvency and Bankruptcy Code application. Although the account had been classified as NPA on 30 June 2014, later written statements recorded the borrowings and the settlement letter expressly referred to clearing the dues, bringing the case within the principle that written acknowledgment saves limitation. The limitation objection was therefore rejected and the Section 7 application was treated as within time. en-us Fri, 29 Oct 2021 00:00:00 +0530 Thu, 11 Nov 2021 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414586 Acknowledgment of liability in signed financial statements, annual reports and a one-time settlement proposal can extend limitation for a Section 7 Insolvency and Bankruptcy Code application. Although the account had been classified as NPA on 30 June 2014, later written statements recorded the borrowings and the settlement letter expressly referred to clearing the dues, bringing the case within the principle that written acknowledgment saves limitation. The limitation objection was therefore rejected and the Section 7 application was treated as within time. Case-Laws Insolvency and Bankruptcy Fri, 29 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414586