https://www.taxtmi.com/caselaws?id=302998 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was examined on limitation, with default not seriously disputed at admission. Applying article 137, limitation ran from the date of default, but the corporate debtor's duly signed balance sheet for the relevant financial year recorded outstanding secured borrowings and was treated as a conscious acknowledgement of liability under section 18 of the Limitation Act, 1963. A fresh limitation period therefore commenced from that acknowledgement, and the application was held to be within time. The corporate insolvency resolution process was ordered to commence, moratorium was imposed, and an interim resolution professional was appointed. en-us Wed, 19 Feb 2020 00:00:00 +0530 Tue, 28 Jun 2022 21:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302998 An application under section 7 of the Insolvency and Bankruptcy Code, 2016 was examined on limitation, with default not seriously disputed at admission. Applying article 137, limitation ran from the date of default, but the corporate debtor's duly signed balance sheet for the relevant financial year recorded outstanding secured borrowings and was treated as a conscious acknowledgement of liability under section 18 of the Limitation Act, 1963. A fresh limitation period therefore commenced from that acknowledgement, and the application was held to be within time. The corporate insolvency resolution process was ordered to commence, moratorium was imposed, and an interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Wed, 19 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302998