https://www.taxtmi.com/caselaws?id=427191 A written acknowledgement of debt made before expiry of the limitation period gave rise to a fresh period of limitation under section 18 of the Limitation Act, so the section 7 insolvency petition was not time-barred. The corporate debtor's acceptance of a one-time settlement proposal and part payments were treated as acknowledgement of liability, and the record also showed subsisting financial debt and default. On that basis, the petition was found maintainable, the threshold requirements under the Insolvency and Bankruptcy Code were satisfied, and initiation of the corporate insolvency resolution process was directed. en-us Fri, 26 Aug 2022 00:00:00 +0530 Sat, 03 Sep 2022 08:05:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427191 A written acknowledgement of debt made before expiry of the limitation period gave rise to a fresh period of limitation under section 18 of the Limitation Act, so the section 7 insolvency petition was not time-barred. The corporate debtor's acceptance of a one-time settlement proposal and part payments were treated as acknowledgement of liability, and the record also showed subsisting financial debt and default. On that basis, the petition was found maintainable, the threshold requirements under the Insolvency and Bankruptcy Code were satisfied, and initiation of the corporate insolvency resolution process was directed. Case-Laws Insolvency and Bankruptcy Fri, 26 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427191