Tribunal Confirms Debt Acknowledgement in 2016-17 Balance Sheet, Validates CIRP Initiation u/s 18 of Limitation Act.

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....Initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - barred by time limitation or not - This Tribunal holds that ‘Debt’ has been duly acknowledged in the Balance Sheet for the Year 2016-17 which is also duly prepared and authenticated by the Auditors Report amounting to ‘Admission of Liability’ and, therefore, satisfies the requirements of liability for a valid acknowledgement under Section 18 of the Limitation Act, 1963. - AT....