NCLT Dismisses CIRP Application: Balance Sheet Not Liability Acknowledgment, Supreme Court Orders Re-adjudication.

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....Initiation of CIRP - NCLT rejected the application - NPA - Period of limitation - NCLT that, a statement contained in the balance sheet cannot be treated as an acknowledgement of liability under Section 18 of the Limitation Act - Proposal of OTS is older than 3 months - the position of law has been set at rest. Neither the NCLT nor the NCLAT had the benefit of adjudicating upon the factual controversy in the context of the decisions of this Court. - Matter restored back for re-adjudication - SC....