https://www.taxtmi.com/caselaws?id=415862 A section 7 insolvency application was treated as within limitation because the corporate debtor's balance sheets and financial statements recorded the outstanding secured borrowings and operated as written acknowledgment of liability. The debtor's one-time settlement proposal, the creditor's acceptance, the signed settlement terms, and part-payment further showed an admitted subsisting debt and gave the claim a fresh contractual basis. The pendency of SARFAESI proceedings did not bar commencement of insolvency proceedings. On these facts, the limitation objection failed and the insolvency application remained maintainable. en-us Mon, 13 Dec 2021 00:00:00 +0530 Fri, 24 Dec 2021 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415862 A section 7 insolvency application was treated as within limitation because the corporate debtor's balance sheets and financial statements recorded the outstanding secured borrowings and operated as written acknowledgment of liability. The debtor's one-time settlement proposal, the creditor's acceptance, the signed settlement terms, and part-payment further showed an admitted subsisting debt and gave the claim a fresh contractual basis. The pendency of SARFAESI proceedings did not bar commencement of insolvency proceedings. On these facts, the limitation objection failed and the insolvency application remained maintainable. Case-Laws Insolvency and Bankruptcy Mon, 13 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415862