https://www.taxtmi.com/caselaws?id=443637 Limitation for a Section 7 IBC application was held to exclude the period during which SICA proceedings kept the recovery remedy statutorily suspended, because the right to enforce the recovery certificate revived only after that suspension ended. Repeated OTS proposals and part-payments by the corporate debtor were also treated as acknowledgement of a subsisting debt under Section 18 of the Limitation Act, since an acknowledgement need only show a present debtor-creditor relationship and must be within limitation. On both grounds, the time-bar objection failed and admission of the insolvency application was sustained. en-us Thu, 21 Sep 2023 00:00:00 +0530 Wed, 27 Sep 2023 21:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443637 Limitation for a Section 7 IBC application was held to exclude the period during which SICA proceedings kept the recovery remedy statutorily suspended, because the right to enforce the recovery certificate revived only after that suspension ended. Repeated OTS proposals and part-payments by the corporate debtor were also treated as acknowledgement of a subsisting debt under Section 18 of the Limitation Act, since an acknowledgement need only show a present debtor-creditor relationship and must be within limitation. On both grounds, the time-bar objection failed and admission of the insolvency application was sustained. Case-Laws Insolvency and Bankruptcy Thu, 21 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443637