https://www.taxtmi.com/caselaws?id=416700 An acknowledgment of liability in a corporate debtor's balance sheet is treated as acknowledgment under Section 18 of the Limitation Act, 1963, creating a fresh period of limitation for a Section 7 insolvency application. The note also states that delay under Section 5 may be condoned on a liberal, justice-oriented assessment where sufficient cause is shown, including diligent pursuit of remedies such as SARFAESI and debt recovery proceedings without negligence. On the stated facts, the balance-sheet entry was said to extend limitation, reduce the delay, and support condonation, making the insolvency application maintainable. 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 An acknowledgment of liability in a corporate debtor's balance sheet is treated as acknowledgment under Section 18 of the Limitation Act, 1963, creating a fresh period of limitation for a Section 7 insolvency application. The note also states that delay under Section 5 may be condoned on a liberal, justice-oriented assessment where sufficient cause is shown, including diligent pursuit of remedies such as SARFAESI and debt recovery proceedings without negligence. On the stated facts, the balance-sheet entry was said to extend limitation, reduce the delay, and support condonation, making the insolvency application maintainable. Case-Laws Insolvency and Bankruptcy Tue, 04 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416700