https://www.taxtmi.com/caselaws?id=786392 Acknowledgment of financial debt in balance sheets and in a signed acknowledgment letter was treated as sufficient to save a section 7 insolvency application from limitation, together with exclusion of time ordered in the suo motu limitation proceedings. The objection that borrowings were not classified in the balance sheets in line with the ICAI guidance note did not defeat the acknowledgment, because accounting presentation could not override the substantive admission of liability. The admission order was therefore not found erroneous on either limitation or acknowledgment grounds. en-us Fri, 06 Feb 2026 00:00:00 +0530 Thu, 12 Feb 2026 09:03:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786392 Acknowledgment of financial debt in balance sheets and in a signed acknowledgment letter was treated as sufficient to save a section 7 insolvency application from limitation, together with exclusion of time ordered in the suo motu limitation proceedings. The objection that borrowings were not classified in the balance sheets in line with the ICAI guidance note did not defeat the acknowledgment, because accounting presentation could not override the substantive admission of liability. The admission order was therefore not found erroneous on either limitation or acknowledgment grounds. Case-Laws IBC Fri, 06 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786392