https://www.taxtmi.com/caselaws?id=440211 Pending SICA proceedings and the post-abatement period were relevant to limitation, because the suspended time was excluded under Section 22(5) of the Sick Industrial Companies (Special Provisions) Act, 1985, and the Section 7 insolvency application had to be tested from the post-abatement date. The corporate debtor's balance sheets, read with auditor's and directors' reports, could amount to acknowledgment of liability under Section 18 of the Limitation Act, 1963 where they reflected subsisting borrowings and no clear, continuous repudiation. Settlement letters and related payment-linked communications also operated as acknowledgments. On that basis, the limitation objection was rejected and the matter was remitted for decision on merits. en-us Mon, 10 Jul 2023 00:00:00 +0530 Wed, 12 Jul 2023 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440211 Pending SICA proceedings and the post-abatement period were relevant to limitation, because the suspended time was excluded under Section 22(5) of the Sick Industrial Companies (Special Provisions) Act, 1985, and the Section 7 insolvency application had to be tested from the post-abatement date. The corporate debtor's balance sheets, read with auditor's and directors' reports, could amount to acknowledgment of liability under Section 18 of the Limitation Act, 1963 where they reflected subsisting borrowings and no clear, continuous repudiation. Settlement letters and related payment-linked communications also operated as acknowledgments. On that basis, the limitation objection was rejected and the matter was remitted for decision on merits. Case-Laws Insolvency and Bankruptcy Mon, 10 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440211