https://www.taxtmi.com/caselaws?id=780093 Admission of a secured financial creditor's claim by the IRP/RP in an earlier CIRP can operate as acknowledgement of liability under Section 18 of the Limitation Act, 1963, extending limitation for a fresh Section 7 application. Limitation for such proceedings is governed by Article 137, and the relevant enquiry is not confined to the default date in the statutory form. The later updating of the claim also amounted to a fresh acknowledgement. The IRP/RP had authority to make that admission because, after commencement of CIRP, claim administration vests in the insolvency professional acting on behalf of the corporate debtor. The appeals were therefore held to be within limitation. en-us Wed, 15 Oct 2025 00:00:00 +0530 Sat, 18 Oct 2025 09:08:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780093 Admission of a secured financial creditor's claim by the IRP/RP in an earlier CIRP can operate as acknowledgement of liability under Section 18 of the Limitation Act, 1963, extending limitation for a fresh Section 7 application. Limitation for such proceedings is governed by Article 137, and the relevant enquiry is not confined to the default date in the statutory form. The later updating of the claim also amounted to a fresh acknowledgement. The IRP/RP had authority to make that admission because, after commencement of CIRP, claim administration vests in the insolvency professional acting on behalf of the corporate debtor. The appeals were therefore held to be within limitation. Case-Laws IBC Wed, 15 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780093