https://www.taxtmi.com/caselaws?id=298916 A written acknowledgment of financial liability made before expiry of the limitation period extended the time to file a Section 7 insolvency application, because Section 18 of the Limitation Act gave rise to a fresh period from the date of acknowledgment. The objection that the application was time-barred failed, and the reliance on contrary precedents was rejected on facts because they did not involve a proved acknowledgment within limitation. The application was also held maintainable despite an earlier claim in the CIRP of the corporate debtor's parent company, since that claim had been withdrawn and no parallel claim survived. The application was admitted and CIRP was directed to commence. en-us Fri, 18 Sep 2020 00:00:00 +0530 Sat, 27 Nov 2021 08:45:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298916 A written acknowledgment of financial liability made before expiry of the limitation period extended the time to file a Section 7 insolvency application, because Section 18 of the Limitation Act gave rise to a fresh period from the date of acknowledgment. The objection that the application was time-barred failed, and the reliance on contrary precedents was rejected on facts because they did not involve a proved acknowledgment within limitation. The application was also held maintainable despite an earlier claim in the CIRP of the corporate debtor's parent company, since that claim had been withdrawn and no parallel claim survived. The application was admitted and CIRP was directed to commence. Case-Laws Insolvency and Bankruptcy Fri, 18 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298916