https://www.taxtmi.com/caselaws?id=426757 Acknowledgment of liability in a corporate debtor's balance sheet was treated as acknowledgment of debt under section 18 of the Limitation Act, 1963, extending limitation for a section 7 insolvency application. On that basis, the application filed after the relevant balance sheet date was held within limitation. The Tribunal also found that the loan documents and admitted acknowledgments established financial debt and default, and that the proposed Interim Resolution Professional satisfied the statutory requirements. The limitation objection failed, the petition was admitted, CIRP commenced, moratorium was declared, and the proposed Interim Resolution Professional was appointed. en-us Wed, 03 Aug 2022 00:00:00 +0530 Thu, 25 Aug 2022 08:12:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426757 Acknowledgment of liability in a corporate debtor's balance sheet was treated as acknowledgment of debt under section 18 of the Limitation Act, 1963, extending limitation for a section 7 insolvency application. On that basis, the application filed after the relevant balance sheet date was held within limitation. The Tribunal also found that the loan documents and admitted acknowledgments established financial debt and default, and that the proposed Interim Resolution Professional satisfied the statutory requirements. The limitation objection failed, the petition was admitted, CIRP commenced, moratorium was declared, and the proposed Interim Resolution Professional was appointed. Case-Laws Insolvency and Bankruptcy Wed, 03 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426757