https://www.taxtmi.com/caselaws?id=775912 The SC allowed the appeal, holding that the entry in the respondent's Balance Sheet for F.Y. 2019-20 constituted a valid acknowledgment of debt under Section 18 of the Limitation Act, 1963. This acknowledgment restarted the limitation period for filing the Section 7 application under the IBC, 2016. The Court clarified that the limitation period, considering the acknowledgment dated 12.08.2020 and the exclusion period under the Court's earlier order, commenced on 01.03.2022 and continues till 28.02.2025. Since the application was filed on 15.01.2024, it was within the prescribed limitation period. The matter was remitted to the adjudicating authority to proceed with the application on merits, treating it as timely filed. en-us Wed, 30 Jul 2025 00:00:00 +0530 Sat, 02 Aug 2025 07:24:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775912 The SC allowed the appeal, holding that the entry in the respondent's Balance Sheet for F.Y. 2019-20 constituted a valid acknowledgment of debt under Section 18 of the Limitation Act, 1963. This acknowledgment restarted the limitation period for filing the Section 7 application under the IBC, 2016. The Court clarified that the limitation period, considering the acknowledgment dated 12.08.2020 and the exclusion period under the Court's earlier order, commenced on 01.03.2022 and continues till 28.02.2025. Since the application was filed on 15.01.2024, it was within the prescribed limitation period. The matter was remitted to the adjudicating authority to proceed with the application on merits, treating it as timely filed. Case-Laws IBC Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775912