https://www.taxtmi.com/caselaws?id=416700 Balance-sheet recognition of a corporate debtor's liability constitutes an acknowledgment under Section 18 of the Limitation Act, creating a fresh limitation period for a Section 7 insolvency application. Delay may be condoned under Section 5 where sufficient cause is assessed liberally and in a justice-oriented manner. Pursuit of recovery through SARFAESI and debt-recovery proceedings, without negligence in prosecuting remedies, supports condonation. On these principles, the limitation challenge to admission of the insolvency application did not succeed. en-us Tue, 04 Jan 2022 00:00:00 +0530 Thu, 06 Jan 2022 07:11:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416700 Balance-sheet recognition of a corporate debtor's liability constitutes an acknowledgment under Section 18 of the Limitation Act, creating a fresh limitation period for a Section 7 insolvency application. Delay may be condoned under Section 5 where sufficient cause is assessed liberally and in a justice-oriented manner. Pursuit of recovery through SARFAESI and debt-recovery proceedings, without negligence in prosecuting remedies, supports condonation. On these principles, the limitation challenge to admission of the insolvency application did not succeed. Case-Laws Insolvency and Bankruptcy Tue, 04 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416700