https://www.taxtmi.com/caselaws?id=421041 Acknowledgment of debt in signed balance sheets, auditors' reports and settlement proposals before expiry of limitation renews the limitation period for a Section 7 insolvency application under Section 18 of the Limitation Act, with Article 137 governing the application. Where debt and default are undisputed, the application remains maintainable. Attachment of assets under the MPID framework does not bar commencement of CIRP; the resolution professional may seek control and custody through the designated authority. Prior recovery measures also do not establish malicious intent or misuse of insolvency proceedings where an enforceable debt and default exist. The insolvency admission was sustained and the appeal dismissed. en-us Mon, 11 Apr 2022 00:00:00 +0530 Fri, 15 Apr 2022 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421041 Acknowledgment of debt in signed balance sheets, auditors' reports and settlement proposals before expiry of limitation renews the limitation period for a Section 7 insolvency application under Section 18 of the Limitation Act, with Article 137 governing the application. Where debt and default are undisputed, the application remains maintainable. Attachment of assets under the MPID framework does not bar commencement of CIRP; the resolution professional may seek control and custody through the designated authority. Prior recovery measures also do not establish malicious intent or misuse of insolvency proceedings where an enforceable debt and default exist. The insolvency admission was sustained and the appeal dismissed. Case-Laws Insolvency and Bankruptcy Mon, 11 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421041