https://www.taxtmi.com/caselaws?id=415244 Written one-time settlement and restructuring correspondence can amount to acknowledgment of a subsisting liability under Section 18 of the Limitation Act, extending limitation for a Section 7 Insolvency and Bankruptcy Code application. On the facts noted, the account was classified as non-performing asset, but subsequent settlement proposals and a revised repayment arrangement kept the claim within time. The tribunal also treated the loan documents, mortgage/security documents, and admitted liability in the settlement exchanges as sufficient to establish debt and default. Disputes on quantum, penal interest, and other enforcement matters were held outside the scope of summary insolvency proceedings, so admission of the insolvency application and moratorium were sustained. en-us Mon, 29 Nov 2021 00:00:00 +0530 Fri, 09 Sep 2022 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415244 Written one-time settlement and restructuring correspondence can amount to acknowledgment of a subsisting liability under Section 18 of the Limitation Act, extending limitation for a Section 7 Insolvency and Bankruptcy Code application. On the facts noted, the account was classified as non-performing asset, but subsequent settlement proposals and a revised repayment arrangement kept the claim within time. The tribunal also treated the loan documents, mortgage/security documents, and admitted liability in the settlement exchanges as sufficient to establish debt and default. Disputes on quantum, penal interest, and other enforcement matters were held outside the scope of summary insolvency proceedings, so admission of the insolvency application and moratorium were sustained. Case-Laws Insolvency and Bankruptcy Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415244