https://www.taxtmi.com/caselaws?id=428879 A balance sheet entry that expressly recorded repayment terms, overdue instalments and continuing interest default was treated as an acknowledgment of debt under Section 18 of the Limitation Act, 1963, rather than a mere borrowing entry. On that basis, limitation for the Section 7 Insolvency and Bankruptcy Code application ran from the date of acknowledgment, and the filing was held to be within the three-year period under Article 137. The limitation objection therefore failed, and the insolvency application was treated as time-barred objection not sustainable. en-us Tue, 11 Oct 2022 00:00:00 +0530 Wed, 12 Oct 2022 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428879 A balance sheet entry that expressly recorded repayment terms, overdue instalments and continuing interest default was treated as an acknowledgment of debt under Section 18 of the Limitation Act, 1963, rather than a mere borrowing entry. On that basis, limitation for the Section 7 Insolvency and Bankruptcy Code application ran from the date of acknowledgment, and the filing was held to be within the three-year period under Article 137. The limitation objection therefore failed, and the insolvency application was treated as time-barred objection not sustainable. Case-Laws Insolvency and Bankruptcy Tue, 11 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428879