https://www.taxtmi.com/caselaws?id=760585 The SC upheld concurrent findings by NCLT and NCLAT that CIRP proceedings were validly initiated despite limitation objections. The court held that balance sheet entries for year ending 31.03.2017 constituted clear acknowledgment of debt, particularly Note 3.4 which mentioned defaults in term loan repayments and continuing defaults. Additionally, the corporate debtor's One Time Settlement proposal to UCO Bank dated 07.06.2016 further acknowledged existing debts and established a continuing jural relationship between parties. The SC found no merit in the appeal and dismissed it, confirming the lower tribunals' decisions were correct in law and fact. en-us Tue, 22 Oct 2024 00:00:00 +0530 Wed, 23 Oct 2024 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760585 The SC upheld concurrent findings by NCLT and NCLAT that CIRP proceedings were validly initiated despite limitation objections. The court held that balance sheet entries for year ending 31.03.2017 constituted clear acknowledgment of debt, particularly Note 3.4 which mentioned defaults in term loan repayments and continuing defaults. Additionally, the corporate debtor's One Time Settlement proposal to UCO Bank dated 07.06.2016 further acknowledged existing debts and established a continuing jural relationship between parties. The SC found no merit in the appeal and dismissed it, confirming the lower tribunals' decisions were correct in law and fact. Case-Laws IBC Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760585