https://www.taxtmi.com/caselaws?id=425274 A written acknowledgment of liability by the corporate debtor within the limitation period extended time for a section 7 insolvency application under section 18 of the Limitation Act. The Tribunal found that the debtor's correspondence and later financial statements showed continuing acknowledgment of the outstanding debt after assignment of the account, so the limitation objection failed. It also held that the financial creditor had established the existence of debt and default. The application was therefore admitted, triggering commencement of CIRP, moratorium, and appointment of an interim resolution professional. en-us Thu, 14 Jul 2022 00:00:00 +0530 Wed, 20 Jul 2022 09:23:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425274 A written acknowledgment of liability by the corporate debtor within the limitation period extended time for a section 7 insolvency application under section 18 of the Limitation Act. The Tribunal found that the debtor's correspondence and later financial statements showed continuing acknowledgment of the outstanding debt after assignment of the account, so the limitation objection failed. It also held that the financial creditor had established the existence of debt and default. The application was therefore admitted, triggering commencement of CIRP, moratorium, and appointment of an interim resolution professional. Case-Laws Insolvency and Bankruptcy Thu, 14 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425274