https://www.taxtmi.com/caselaws?id=438494 A written acknowledgment of a live debt within the limitation period extends time under section 18 of the Limitation Act, 1963, so a section 7 application filed after such acknowledgment is not barred by limitation. The insolvency framework also permits proceedings for the same debt against both the principal borrower and the corporate guarantor; later precedent treating parallel claims as permissible was applied. The decision in Vidarbha Industries Power Limited did not displace these principles on the facts, because the debtor had acknowledged liability and the application did not fail on that ground. The admission order was therefore sustained. en-us Wed, 31 May 2023 00:00:00 +0530 Thu, 01 Jun 2023 21:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438494 A written acknowledgment of a live debt within the limitation period extends time under section 18 of the Limitation Act, 1963, so a section 7 application filed after such acknowledgment is not barred by limitation. The insolvency framework also permits proceedings for the same debt against both the principal borrower and the corporate guarantor; later precedent treating parallel claims as permissible was applied. The decision in Vidarbha Industries Power Limited did not displace these principles on the facts, because the debtor had acknowledged liability and the application did not fail on that ground. The admission order was therefore sustained. Case-Laws Insolvency and Bankruptcy Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438494