https://www.taxtmi.com/caselaws?id=422457 The note explains that, for a section 9 Insolvency and Bankruptcy Code application, limitation can be extended only by a clear and unequivocal acknowledgment or promise to pay made within the three-year period under section 18 of the Limitation Act, 1963. Letters, fax endorsements, and a later reference to liability were treated as insufficient because they did not amount to an effective acknowledgment within time. It also states that time under the Sick Industrial Companies (Special Provisions) Act, 1985 was not excluded, since the creditor was not shown to have a suspended right to pursue recovery under any rehabilitation scheme. The result discussed is that the insolvency petition remained time-barred. en-us Fri, 13 May 2022 00:00:00 +0530 Sat, 14 May 2022 13:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422457 The note explains that, for a section 9 Insolvency and Bankruptcy Code application, limitation can be extended only by a clear and unequivocal acknowledgment or promise to pay made within the three-year period under section 18 of the Limitation Act, 1963. Letters, fax endorsements, and a later reference to liability were treated as insufficient because they did not amount to an effective acknowledgment within time. It also states that time under the Sick Industrial Companies (Special Provisions) Act, 1985 was not excluded, since the creditor was not shown to have a suspended right to pursue recovery under any rehabilitation scheme. The result discussed is that the insolvency petition remained time-barred. Case-Laws Insolvency and Bankruptcy Fri, 13 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422457