https://www.taxtmi.com/caselaws?id=428005 Repeated acknowledgements of liability in balance sheets, revival letters and balance confirmations extend limitation under section 18 of the Limitation Act, 1963, so a section 7 application is not time-barred on the basis of the original default date alone. The record also showed sanction and enhancement of credit facilities, execution of loan and security documents, and admission of liability by the corporate debtor, establishing financial debt and default. On that basis, the adjudicating authority found the statutory threshold satisfied, rejected the stamping objection as not displacing the debt or default, and held the application admissible for commencement of the corporate insolvency resolution process. en-us Tue, 20 Sep 2022 00:00:00 +0530 Thu, 22 Sep 2022 07:39:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428005 Repeated acknowledgements of liability in balance sheets, revival letters and balance confirmations extend limitation under section 18 of the Limitation Act, 1963, so a section 7 application is not time-barred on the basis of the original default date alone. The record also showed sanction and enhancement of credit facilities, execution of loan and security documents, and admission of liability by the corporate debtor, establishing financial debt and default. On that basis, the adjudicating authority found the statutory threshold satisfied, rejected the stamping objection as not displacing the debt or default, and held the application admissible for commencement of the corporate insolvency resolution process. Case-Laws Insolvency and Bankruptcy Tue, 20 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428005