https://www.taxtmi.com/caselaws?id=425729 A written promise in an assignment agreement, signed by the corporate debtor and acknowledging the debt, can create a fresh enforceable obligation under Section 25(3) of the Indian Contract Act even if the original debt is time-barred. The text also explains that repeated balance-sheet acknowledgments, written confirmations of liability, and part payments can extend limitation for a Section 7 insolvency application by attracting Section 18 of the Limitation Act through Section 238A of the Insolvency and Bankruptcy Code. Successive acknowledgments made within the operative limitation period therefore keep the insolvency claim alive and prevent dismissal on limitation grounds. en-us Thu, 28 Jul 2022 00:00:00 +0530 Sat, 30 Jul 2022 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425729 A written promise in an assignment agreement, signed by the corporate debtor and acknowledging the debt, can create a fresh enforceable obligation under Section 25(3) of the Indian Contract Act even if the original debt is time-barred. The text also explains that repeated balance-sheet acknowledgments, written confirmations of liability, and part payments can extend limitation for a Section 7 insolvency application by attracting Section 18 of the Limitation Act through Section 238A of the Insolvency and Bankruptcy Code. Successive acknowledgments made within the operative limitation period therefore keep the insolvency claim alive and prevent dismissal on limitation grounds. Case-Laws Insolvency and Bankruptcy Thu, 28 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425729