https://www.taxtmi.com/caselaws?id=428826 A balance-sheet entry extends limitation for a section 7 insolvency application only where it amounts to an unequivocal acknowledgment of the same subsisting liability. Qualified notes showing settlements, waivers, or materially different figures do not satisfy that standard, and cannot support a larger claimed default. The record must also establish that the claimed amount is a financial debt disbursed for the time value of money and that default is proved on the basis pleaded. Where the balance-sheet material does not match the asserted debt or repayment terms, admission under the Insolvency and Bankruptcy Code is not justified. en-us Tue, 11 Oct 2022 00:00:00 +0530 Wed, 12 Oct 2022 09:54:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428826 A balance-sheet entry extends limitation for a section 7 insolvency application only where it amounts to an unequivocal acknowledgment of the same subsisting liability. Qualified notes showing settlements, waivers, or materially different figures do not satisfy that standard, and cannot support a larger claimed default. The record must also establish that the claimed amount is a financial debt disbursed for the time value of money and that default is proved on the basis pleaded. Where the balance-sheet material does not match the asserted debt or repayment terms, admission under the Insolvency and Bankruptcy Code is not justified. Case-Laws Insolvency and Bankruptcy Tue, 11 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428826