https://www.taxtmi.com/caselaws?id=448060 Repeated acknowledgments of the corporate debtor's liability in financial statements, together with the assignment arrangement and its event-of-default clause, supported revival of the earlier financial contracts once SBI's communication showed the receivables were already encumbered. On that basis, limitation had to be computed with reference to the acknowledgments, the assignment date and the exclusion applicable during the COVID-19 period. The resolution professional was required to collate and verify the claim, and the rejection of the claim on limitation was not sustainable on the admitted facts and contractual terms. The claim was therefore held not to be time-barred and the impugned rejection was set aside. en-us Tue, 09 Jan 2024 00:00:00 +0530 Thu, 11 Jan 2024 09:21:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448060 Repeated acknowledgments of the corporate debtor's liability in financial statements, together with the assignment arrangement and its event-of-default clause, supported revival of the earlier financial contracts once SBI's communication showed the receivables were already encumbered. On that basis, limitation had to be computed with reference to the acknowledgments, the assignment date and the exclusion applicable during the COVID-19 period. The resolution professional was required to collate and verify the claim, and the rejection of the claim on limitation was not sustainable on the admitted facts and contractual terms. The claim was therefore held not to be time-barred and the impugned rejection was set aside. Case-Laws Insolvency and Bankruptcy Tue, 09 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448060