Court Rules Section 18 Acknowledgment Does Not Extend Limitation for CIRP; Tribunal Can't Admit Late Bank Application.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Initiation of CIRP - Period of limitation - NPA - it appears that the bank had asserted, the bar of limitation did not apply as the corporate debtor had made acknowledgments in its balance-sheets, acknowledgments as in section 18 of the Limitation Act, for the period of limitation being extended - The court is convinced that the mandate of the Limitation Act is for dismissal of, inter alia, an application such as the bank's, on having been brought more than three years after right to sue accrued. The Tribunal, on the facts, lacked jurisdiction to admit it. - HC....