https://www.taxtmi.com/caselaws?id=428123 Acknowledgment of liability in an OTS proposal, correspondence, BIFR proceedings and balance-sheet entries before expiry of the limitation period extended time under Section 18 of the Limitation Act, 1963, and the section 7 application was therefore within limitation. The pendency of proceedings under the Sick Industrial Companies (Special Provisions) Act, 1985 was also considered for exclusion of time. An assignee financial creditor was treated as stepping into the shoes of the original lender and was held entitled to initiate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. en-us Thu, 22 Sep 2022 00:00:00 +0530 Sat, 24 Sep 2022 08:20:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428123 Acknowledgment of liability in an OTS proposal, correspondence, BIFR proceedings and balance-sheet entries before expiry of the limitation period extended time under Section 18 of the Limitation Act, 1963, and the section 7 application was therefore within limitation. The pendency of proceedings under the Sick Industrial Companies (Special Provisions) Act, 1985 was also considered for exclusion of time. An assignee financial creditor was treated as stepping into the shoes of the original lender and was held entitled to initiate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016. Case-Laws Insolvency and Bankruptcy Thu, 22 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428123