https://www.taxtmi.com/caselaws?id=786641 In a Section 7 insolvency application, substantial compliance with the prescribed form is sufficient where the amended application and supporting records disclose the financial debt, default and date of default, so rejection for want of fuller particulars is not warranted. Limitation is governed by Article 137 of the Limitation Act, and a written acknowledgment of liability signed by the corporate debtor, including restructuring agreements and signed balance sheets, extends time under Section 18; the filing was therefore within limitation. Pendency of recovery proceedings, counterclaims or criminal complaints does not by itself show an oblique purpose or bar admission when debt and default are otherwise established, so the admission was sustained. en-us Thu, 12 Feb 2026 00:00:00 +0530 Mon, 16 Feb 2026 10:25:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786641 In a Section 7 insolvency application, substantial compliance with the prescribed form is sufficient where the amended application and supporting records disclose the financial debt, default and date of default, so rejection for want of fuller particulars is not warranted. Limitation is governed by Article 137 of the Limitation Act, and a written acknowledgment of liability signed by the corporate debtor, including restructuring agreements and signed balance sheets, extends time under Section 18; the filing was therefore within limitation. Pendency of recovery proceedings, counterclaims or criminal complaints does not by itself show an oblique purpose or bar admission when debt and default are otherwise established, so the admission was sustained. Case-Laws IBC Thu, 12 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786641