https://www.taxtmi.com/caselaws?id=300936 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was treated as within limitation because balance-sheet disclosures, a settlement proposal, a settlement letter and other acknowledgments were held to extend time under section 18 of the Limitation Act, 1963. The tribunal found the financial debt and default established, noted the debt assignment in favour of the applicant, and held that the phrase "without prejudice to the rights and contentions" did not negate acknowledgment of liability. It applied a broad construction of acknowledgment for limitation purposes and treated the OTS or settlement proposal as evidence of subsisting liability. The limitation objection was rejected and the insolvency application was admitted. en-us Mon, 15 Nov 2021 00:00:00 +0530 Fri, 04 Mar 2022 08:55:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300936 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was treated as within limitation because balance-sheet disclosures, a settlement proposal, a settlement letter and other acknowledgments were held to extend time under section 18 of the Limitation Act, 1963. The tribunal found the financial debt and default established, noted the debt assignment in favour of the applicant, and held that the phrase "without prejudice to the rights and contentions" did not negate acknowledgment of liability. It applied a broad construction of acknowledgment for limitation purposes and treated the OTS or settlement proposal as evidence of subsisting liability. The limitation objection was rejected and the insolvency application was admitted. Case-Laws Insolvency and Bankruptcy Mon, 15 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300936