https://www.taxtmi.com/caselaws?id=301887 Article 137 of the Limitation Act, 1963 governs a section 7 IBC application, with time running from accrual of the right to apply. Written settlement offers and an OTS proposal made within the limitation period were treated as acknowledgments of liability under section 18, extending limitation. The petition was also found properly supported by loan records, recall notice, CIBIL report and the proposed interim resolution professional communication, and the authority of the applicant was accepted. Financial debt and default were established, so the section 7 petition was admitted and CIRP was directed to commence. en-us Wed, 20 Nov 2019 00:00:00 +0530 Mon, 25 Apr 2022 20:44:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301887 Article 137 of the Limitation Act, 1963 governs a section 7 IBC application, with time running from accrual of the right to apply. Written settlement offers and an OTS proposal made within the limitation period were treated as acknowledgments of liability under section 18, extending limitation. The petition was also found properly supported by loan records, recall notice, CIBIL report and the proposed interim resolution professional communication, and the authority of the applicant was accepted. Financial debt and default were established, so the section 7 petition was admitted and CIRP was directed to commence. Case-Laws Insolvency and Bankruptcy Wed, 20 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301887