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NCLAT held that an IRP/RP, vested with management of the corporate debtor (CD), has statutory authority to admit claims and that such admission constitutes an acknowledgement of liability under Section 18 of the Limitation Act, thereby resetting the limitation period for instituting CIRP under the IBC. The Tribunal found the RP's admission of the respondent's claim on 22.05.2022 and its subsequent update on 21.02.2024 to be valid acknowledgements; consequently the respondent's petitions were not time-barred. Both appeals were dismissed and the orders of the Adjudicating Authority were affirmed.
NCLAT held that an IRP/RP, vested with management of the corporate debtor (CD), has statutory authority to admit claims and that such admission constitutes an acknowledgement of liability under Section 18 of the Limitation Act, thereby resetting the limitation period for instituting CIRP under the IBC. The Tribunal found the RP's admission of the respondent's claim on 22.05.2022 and its subsequent update on 21.02.2024 to be valid acknowledgements; consequently the respondent's petitions were not time-barred. Both appeals were dismissed and the orders of the Adjudicating Authority were affirmed.
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