https://www.taxtmi.com/caselaws?id=426085 Audited balance sheets recording an outstanding liability and security created on assets constituted written acknowledgment of debt under section 18 of the Limitation Act, 1963, because the entries were made before expiry of the basic limitation period and were supported by signed audited statements. That acknowledgment extended limitation for the section 7 insolvency application under the Insolvency and Bankruptcy Code, 2016. The period during which the corporate debtor's reference remained pending before BIFR under the sick industrial company regime was not treated as making the application time-barred. On that basis, the limitation objection was found unsustainable and the insolvency application was liable to be admitted. en-us Thu, 04 Aug 2022 00:00:00 +0530 Sun, 07 Aug 2022 20:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426085 Audited balance sheets recording an outstanding liability and security created on assets constituted written acknowledgment of debt under section 18 of the Limitation Act, 1963, because the entries were made before expiry of the basic limitation period and were supported by signed audited statements. That acknowledgment extended limitation for the section 7 insolvency application under the Insolvency and Bankruptcy Code, 2016. The period during which the corporate debtor's reference remained pending before BIFR under the sick industrial company regime was not treated as making the application time-barred. On that basis, the limitation objection was found unsustainable and the insolvency application was liable to be admitted. Case-Laws Insolvency and Bankruptcy Thu, 04 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426085