Supreme Court Upholds Financial Creditor in Insolvency Petition Based on Balance Sheet Acknowledgement Under Limitation Act. The Court held that entries in signed balance sheets constitute acknowledgement of debt under Section 18 of the Limitation Act, 1963, extending the limitation period for applications under Section 7 of the Insolvency and Bankruptcy Code, 2016, and that defects in the application regarding the date of default are curable.
15 Apr 2021The dispute arose from an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Asset Reconstruction Company (India) ...
