Court Deems CIRP Application Maintainable; Balance Sheet Acknowledges Debt, Bringing Claim Within Limitation Period.

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....Maintainability of application - initiation of CIRP - Period of limitation after default - the Adjudicating Authority relied on the balance sheet to hold that there was acknowledgement and thus, the claim was within limitation. - even if we are to consider that contents in Balance Sheet could be read as acknowledgment even then if we read the contents in balance sheet in the matter, the Corporate Debtor acknowledged as such the liability to pay the alleged outstanding debt. - AT....