https://www.taxtmi.com/caselaws?id=764488 For a section 7 insolvency application, limitation is governed by section 238A of the IBC read with the Limitation Act, and the period can be extended by a written acknowledgment made before expiry. Balance sheet entries, a one-time settlement proposal, and a memorandum of compromise were treated as acknowledgments of liability on the facts, and the compromise also amounted to a written promise to pay under section 25(3) of the Contract Act. On that basis, the section 7 proceeding was held to remain within limitation and legally maintainable despite the original default predating the insolvency filing by more than three years. en-us Mon, 06 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764488 For a section 7 insolvency application, limitation is governed by section 238A of the IBC read with the Limitation Act, and the period can be extended by a written acknowledgment made before expiry. Balance sheet entries, a one-time settlement proposal, and a memorandum of compromise were treated as acknowledgments of liability on the facts, and the compromise also amounted to a written promise to pay under section 25(3) of the Contract Act. On that basis, the section 7 proceeding was held to remain within limitation and legally maintainable despite the original default predating the insolvency filing by more than three years. Case-Laws IBC Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764488