https://www.taxtmi.com/caselaws?id=421041 A Section 7 insolvency application was found maintainable where the debt was acknowledged in signed balance sheets, auditors' reports and settlement proposals, attracting Section 18 of the Limitation Act and the Article 137 limitation framework. The note also states that attachment of assets under the MPID Act does not, by itself, prevent commencement of CIRP, because the resolution professional may seek control of attached property through the appropriate process. A plea that the petition was a malicious recovery exercise under Section 65 of the IBC also failed, as prior recovery steps did not establish misuse of the insolvency process. The insolvency admission was sustained. 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 A Section 7 insolvency application was found maintainable where the debt was acknowledged in signed balance sheets, auditors' reports and settlement proposals, attracting Section 18 of the Limitation Act and the Article 137 limitation framework. The note also states that attachment of assets under the MPID Act does not, by itself, prevent commencement of CIRP, because the resolution professional may seek control of attached property through the appropriate process. A plea that the petition was a malicious recovery exercise under Section 65 of the IBC also failed, as prior recovery steps did not establish misuse of the insolvency process. The insolvency admission was sustained. Case-Laws Insolvency and Bankruptcy Mon, 11 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421041