https://www.taxtmi.com/highlights?id=83193 Financial debt established through ledger entries and corporate debtor's admission. Section 7 application not time-barred due to corporate debtor's promise to repay u/s 25(3) of Contract Act, extending limitation period. Application not barred by Section 10A as default occurred prior to suspension period. Corporate debtor's promise to allot residential premises instead of repaying debt held unenforceable, not extinguishing financial debt. Adjudicating Authority's order admitting Section 7 application upheld, appeal dismissed. en-us Mon, 18 Nov 2024 08:55:03 +0530 Mon, 18 Nov 2024 08:55:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83193 Financial debt established through ledger entries and corporate debtor's admission. Section 7 application not time-barred due to corporate debtor's promise to repay u/s 25(3) of Contract Act, extending limitation period. Application not barred by Section 10A as default occurred prior to suspension period. Corporate debtor's promise to allot residential premises instead of repaying debt held unenforceable, not extinguishing financial debt. Adjudicating Authority's order admitting Section 7 application upheld, appeal dismissed. Highlights IBC Mon, 18 Nov 2024 08:55:03 +0530 https://www.taxtmi.com/highlights?id=83193