https://www.taxtmi.com/caselaws?id=437054 A Section 7 insolvency application was found to be within limitation because the loan account was declared a non-performing asset on 01.06.2019 and the petition was filed on 27.10.2021, with revival letters and settlement correspondence supporting continuity of the claim. The corporate debtor's one-time settlement proposal and related correspondence were treated as an admission of liability, and the financial creditor's records were accepted as proof of financial debt and default. As the enquiry under Section 7 is confined to whether default has occurred, the insolvency application was held maintainable and the admission of CIRP was sustained. en-us Tue, 25 Apr 2023 00:00:00 +0530 Thu, 27 Apr 2023 08:59:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437054 A Section 7 insolvency application was found to be within limitation because the loan account was declared a non-performing asset on 01.06.2019 and the petition was filed on 27.10.2021, with revival letters and settlement correspondence supporting continuity of the claim. The corporate debtor's one-time settlement proposal and related correspondence were treated as an admission of liability, and the financial creditor's records were accepted as proof of financial debt and default. As the enquiry under Section 7 is confined to whether default has occurred, the insolvency application was held maintainable and the admission of CIRP was sustained. Case-Laws Insolvency and Bankruptcy Tue, 25 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437054