https://www.taxtmi.com/caselaws?id=422089 An acknowledgment of debt within the limitation period extends time under Section 18 of the Limitation Act, 1963. The record showed an acknowledgment dated 19.12.2015, along with balance sheets and financial statements reflecting the debt, so the Section 7 insolvency application was treated as within limitation. Balance sheets and financial statements may constitute acknowledgment of liability, and one-time settlement or restructuring proposals can also support extension where they are accompanied by acknowledgment and a continuing jural relationship. On that basis, the application was not barred by limitation. en-us Fri, 06 May 2022 00:00:00 +0530 Sat, 07 May 2022 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422089 An acknowledgment of debt within the limitation period extends time under Section 18 of the Limitation Act, 1963. The record showed an acknowledgment dated 19.12.2015, along with balance sheets and financial statements reflecting the debt, so the Section 7 insolvency application was treated as within limitation. Balance sheets and financial statements may constitute acknowledgment of liability, and one-time settlement or restructuring proposals can also support extension where they are accompanied by acknowledgment and a continuing jural relationship. On that basis, the application was not barred by limitation. Case-Laws Insolvency and Bankruptcy Fri, 06 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422089