https://www.taxtmi.com/caselaws?id=417608 A Section 7 IBC application is within limitation where a written communication acknowledges liability and extends time under Section 18 of the Limitation Act; here, the corporate debtor's 27.09.2017 reply admitting non-payment and seeking that insolvency action not be initiated saved the filing from being time-barred. A corporate guarantee is an independent, demand-based obligation, and the guarantor remains liable unless the contract provides otherwise; invocation of the guarantee and the deed terms did not show discharge under Sections 135 or 139 of the Contract Act. The guarantor could therefore be proceeded against, and the insolvency admission order remained undisturbed. en-us Thu, 27 Jan 2022 00:00:00 +0530 Fri, 28 Jan 2022 09:01:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417608 A Section 7 IBC application is within limitation where a written communication acknowledges liability and extends time under Section 18 of the Limitation Act; here, the corporate debtor's 27.09.2017 reply admitting non-payment and seeking that insolvency action not be initiated saved the filing from being time-barred. A corporate guarantee is an independent, demand-based obligation, and the guarantor remains liable unless the contract provides otherwise; invocation of the guarantee and the deed terms did not show discharge under Sections 135 or 139 of the Contract Act. The guarantor could therefore be proceeded against, and the insolvency admission order remained undisturbed. Case-Laws Insolvency and Bankruptcy Thu, 27 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417608