https://www.taxtmi.com/caselaws?id=423329 For Section 7 insolvency proceedings, limitation runs from the date of default, but it is extended by a clear written acknowledgment of liability made before expiry of limitation. Balance sheet entries, balance confirmations, payment requests, and settlement correspondence may amount to such acknowledgment where they admit dues and preserve a live jural relationship. The words "without prejudice" do not, by themselves, negate an acknowledgment if the communication otherwise admits liability. An authorisation objection failed where the filing was supported by the managing director's authority, and prior SARFAESI action did not bar commencement of CIRP because the Code has overriding effect. en-us Tue, 24 May 2022 00:00:00 +0530 Sat, 04 Jun 2022 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423329 For Section 7 insolvency proceedings, limitation runs from the date of default, but it is extended by a clear written acknowledgment of liability made before expiry of limitation. Balance sheet entries, balance confirmations, payment requests, and settlement correspondence may amount to such acknowledgment where they admit dues and preserve a live jural relationship. The words "without prejudice" do not, by themselves, negate an acknowledgment if the communication otherwise admits liability. An authorisation objection failed where the filing was supported by the managing director's authority, and prior SARFAESI action did not bar commencement of CIRP because the Code has overriding effect. Case-Laws Insolvency and Bankruptcy Tue, 24 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423329