https://www.taxtmi.com/caselaws?id=419079 Acknowledgment of liability in balance sheets and later communications can extend limitation where the debt remains admitted and crystallised, and a DRT order may provide a fresh cause of action. On that basis, the section 7 application was treated as within limitation because the "without prejudice" letters still reflected acknowledgment of quantified dues. A valid assignee of a financial debt also qualifies as a financial creditor under the Insolvency and Bankruptcy Code and may maintain a section 7 application after stepping into the original lender's shoes. The admission order was therefore left undisturbed, and objections on limitation and maintainability failed. en-us Wed, 02 Mar 2022 00:00:00 +0530 Thu, 03 Mar 2022 06:49:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419079 Acknowledgment of liability in balance sheets and later communications can extend limitation where the debt remains admitted and crystallised, and a DRT order may provide a fresh cause of action. On that basis, the section 7 application was treated as within limitation because the "without prejudice" letters still reflected acknowledgment of quantified dues. A valid assignee of a financial debt also qualifies as a financial creditor under the Insolvency and Bankruptcy Code and may maintain a section 7 application after stepping into the original lender's shoes. The admission order was therefore left undisturbed, and objections on limitation and maintainability failed. Case-Laws Insolvency and Bankruptcy Wed, 02 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419079