https://www.taxtmi.com/caselaws?id=299689 An acknowledgment of liability in duly signed balance sheets, together with an uncontroverted one-time settlement proposal, can defeat a limitation objection in a section 7 insolvency application. Where loan documents, guarantees, hypothecation deeds, acknowledgment of dues, and non-payment of the settled amount also establish debt and default, the application is fit for admission and CIRP may commence. The record therefore shows that limitation and default were both tested on documentary evidence, and the insolvency process was triggered on that basis. en-us Fri, 06 Aug 2021 00:00:00 +0530 Fri, 24 Dec 2021 20:33:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299689 An acknowledgment of liability in duly signed balance sheets, together with an uncontroverted one-time settlement proposal, can defeat a limitation objection in a section 7 insolvency application. Where loan documents, guarantees, hypothecation deeds, acknowledgment of dues, and non-payment of the settled amount also establish debt and default, the application is fit for admission and CIRP may commence. The record therefore shows that limitation and default were both tested on documentary evidence, and the insolvency process was triggered on that basis. Case-Laws Insolvency and Bankruptcy Fri, 06 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299689