https://www.taxtmi.com/caselaws?id=428220 An application under the Insolvency and Bankruptcy Code was held to be within limitation because written acknowledgements revived the limitation period under Section 18 of the Limitation Act, 1963 as applied by Section 238A of the Code. The account had turned non-performing in 2013, but a balance and security confirmation letter, acknowledgements in the corporate debtor's balance sheets, and later one-time settlement proposals constituted acknowledgements of liability before expiry of the prescribed period. Those acknowledgements extended the three-year limitation, so the petition filed in 2019 was treated as timely and the limitation objection failed. en-us Thu, 22 Sep 2022 00:00:00 +0530 Tue, 27 Sep 2022 08:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428220 An application under the Insolvency and Bankruptcy Code was held to be within limitation because written acknowledgements revived the limitation period under Section 18 of the Limitation Act, 1963 as applied by Section 238A of the Code. The account had turned non-performing in 2013, but a balance and security confirmation letter, acknowledgements in the corporate debtor's balance sheets, and later one-time settlement proposals constituted acknowledgements of liability before expiry of the prescribed period. Those acknowledgements extended the three-year limitation, so the petition filed in 2019 was treated as timely and the limitation objection failed. Case-Laws Insolvency and Bankruptcy Thu, 22 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428220