https://www.taxtmi.com/caselaws?id=406637 The Supreme Court held that Section 18 of the Limitation Act, 1963 applies to proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). It ruled that entries in balance sheets can constitute acknowledgments of debt, extending the limitation period. The Court set aside the NCLAT's judgment that rejected balance sheet entries as acknowledgments of debt, emphasizing procedural correctness and natural justice. The appeal was allowed, and the matters were remanded for reconsideration, allowing parties to amend pleadings to include acknowledgments of liability in balance sheets. This decision reaffirmed the importance of Section 18 of the Limitation Act in IBC proceedings. en-us Thu, 15 Apr 2021 00:00:00 +0530 Mon, 08 Aug 2022 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406637 The Supreme Court held that Section 18 of the Limitation Act, 1963 applies to proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). It ruled that entries in balance sheets can constitute acknowledgments of debt, extending the limitation period. The Court set aside the NCLAT's judgment that rejected balance sheet entries as acknowledgments of debt, emphasizing procedural correctness and natural justice. The appeal was allowed, and the matters were remanded for reconsideration, allowing parties to amend pleadings to include acknowledgments of liability in balance sheets. This decision reaffirmed the importance of Section 18 of the Limitation Act in IBC proceedings. Case-Laws Insolvency and Bankruptcy Thu, 15 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406637