https://www.taxtmi.com/caselaws?id=460421 A written and signed promise to repay a debt already barred by limitation can fall within Section 25(3) of the Indian Contract Act, 1872, creating a fresh enforceable obligation. The letter relied on in the dispute referred to earlier payments and continued repayment of bank debts, and was treated as sufficient evidence of such a promise. On that basis, the insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was not to be rejected merely because limitation had run from the original default date. The limitation objection was therefore not accepted as decisive, and the matter was remitted for fresh consideration on merits. en-us Wed, 24 Aug 2022 00:00:00 +0530 Thu, 23 Jan 2025 19:45:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460421 A written and signed promise to repay a debt already barred by limitation can fall within Section 25(3) of the Indian Contract Act, 1872, creating a fresh enforceable obligation. The letter relied on in the dispute referred to earlier payments and continued repayment of bank debts, and was treated as sufficient evidence of such a promise. On that basis, the insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was not to be rejected merely because limitation had run from the original default date. The limitation objection was therefore not accepted as decisive, and the matter was remitted for fresh consideration on merits. Case-Laws IBC Wed, 24 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460421