https://www.taxtmi.com/caselaws?id=420862 Balance sheets and financial statements acknowledging debentures and the corresponding liability can amount to acknowledgement of debt under section 18 of the Limitation Act, 1963, thereby extending limitation for a section 7 insolvency application. The discussion also clarifies that, at the admission stage under the Insolvency and Bankruptcy Code, the Adjudicating Authority examines whether financial debt and default exist, not the final quantification of the claim. A dispute over the precise amount of interest or the exact claim does not by itself defeat admission where the statutory threshold is otherwise met. en-us Mon, 11 Apr 2022 00:00:00 +0530 Tue, 12 Apr 2022 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420862 Balance sheets and financial statements acknowledging debentures and the corresponding liability can amount to acknowledgement of debt under section 18 of the Limitation Act, 1963, thereby extending limitation for a section 7 insolvency application. The discussion also clarifies that, at the admission stage under the Insolvency and Bankruptcy Code, the Adjudicating Authority examines whether financial debt and default exist, not the final quantification of the claim. A dispute over the precise amount of interest or the exact claim does not by itself defeat admission where the statutory threshold is otherwise met. Case-Laws Insolvency and Bankruptcy Mon, 11 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420862