https://www.taxtmi.com/caselaws?id=302452 Subsequent acknowledgments of liability can extend limitation for a section 7 insolvency application, and the application was treated as within time. A corporate debtor that executed a continuing deed of guarantee was not excluded from insolvency proceedings merely because it guaranteed an individual borrower; the maintainability objection was rejected in the factual setting. Default was found proved from the disbursal of financial debt, the guarantee, repeated admissions of liability, and non-payment of dues. The application was admitted, a moratorium was declared, and an interim resolution professional was appointed, resulting in commencement of the corporate insolvency resolution process against the corporate debtor. en-us Fri, 06 Dec 2019 00:00:00 +0530 Fri, 27 May 2022 08:35:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302452 Subsequent acknowledgments of liability can extend limitation for a section 7 insolvency application, and the application was treated as within time. A corporate debtor that executed a continuing deed of guarantee was not excluded from insolvency proceedings merely because it guaranteed an individual borrower; the maintainability objection was rejected in the factual setting. Default was found proved from the disbursal of financial debt, the guarantee, repeated admissions of liability, and non-payment of dues. The application was admitted, a moratorium was declared, and an interim resolution professional was appointed, resulting in commencement of the corporate insolvency resolution process against the corporate debtor. Case-Laws Insolvency and Bankruptcy Fri, 06 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302452