https://www.taxtmi.com/caselaws?id=431798 For a section 7 insolvency application, default occurs when the debt becomes due and payable and is not determined merely by classification of the account as a non-performing asset. The Tribunal found that restructuring arrangements, recall notice, bank records, credit reports and the corporate debtor's financial statements established financial debt and default on the record. It also applied acknowledgment of liability under section 18 of the Limitation Act, 1963, to hold that limitation was extended and the application remained within time. On that basis, the existence of debt and default was upheld and the admission of the insolvency application was sustained. en-us Tue, 20 Dec 2022 00:00:00 +0530 Thu, 22 Dec 2022 08:42:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431798 For a section 7 insolvency application, default occurs when the debt becomes due and payable and is not determined merely by classification of the account as a non-performing asset. The Tribunal found that restructuring arrangements, recall notice, bank records, credit reports and the corporate debtor's financial statements established financial debt and default on the record. It also applied acknowledgment of liability under section 18 of the Limitation Act, 1963, to hold that limitation was extended and the application remained within time. On that basis, the existence of debt and default was upheld and the admission of the insolvency application was sustained. Case-Laws Insolvency and Bankruptcy Tue, 20 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431798