https://www.taxtmi.com/caselaws?id=301732 Balance sheets and annual financial statements filed by the corporate debtor were treated as acknowledgments of liability because they continued to show the debentures and recalled secured loans as outstanding liabilities, thereby extending limitation under Section 18 of the Limitation Act, 1963. The adjudicating authority also excluded the period covered by the sick company regime while computing limitation. On that basis, the Section 7 application under the Insolvency and Bankruptcy Code, 2016 was found to be within limitation, and the plea that the debt was time-barred failed. en-us Thu, 07 Oct 2021 00:00:00 +0530 Sun, 17 Apr 2022 19:53:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301732 Balance sheets and annual financial statements filed by the corporate debtor were treated as acknowledgments of liability because they continued to show the debentures and recalled secured loans as outstanding liabilities, thereby extending limitation under Section 18 of the Limitation Act, 1963. The adjudicating authority also excluded the period covered by the sick company regime while computing limitation. On that basis, the Section 7 application under the Insolvency and Bankruptcy Code, 2016 was found to be within limitation, and the plea that the debt was time-barred failed. Case-Laws Insolvency and Bankruptcy Thu, 07 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301732