https://www.taxtmi.com/caselaws?id=759975 An acknowledgment of liability made before expiry of the three-year limitation period extends limitation for a Section 7 IBC application, so the petition remained within time on the facts described. The restructuring correspondence also showed admission of liability, and later part-payments did not negate that acknowledgment. The creditor was entitled under the restructuring terms to revoke the sanction on default and proceed on the restored original liability. Objections based on the circular and alleged malicious filing were found unsubstantiated, and the CIRP was allowed to continue. en-us Tue, 09 Jul 2024 00:00:00 +0530 Fri, 11 Oct 2024 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759975 An acknowledgment of liability made before expiry of the three-year limitation period extends limitation for a Section 7 IBC application, so the petition remained within time on the facts described. The restructuring correspondence also showed admission of liability, and later part-payments did not negate that acknowledgment. The creditor was entitled under the restructuring terms to revoke the sanction on default and proceed on the restored original liability. Objections based on the circular and alleged malicious filing were found unsubstantiated, and the CIRP was allowed to continue. Case-Laws IBC Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759975