Supreme Court Rules No Debt Acknowledgment Within Limitation Period; NCLAT Quashes Insolvency Proceedings Against Debtor.

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....Initiation of CIRP - NCLT admitted the application - NCLAT quashed the proceedings - Financial Creditors - Period of limitation - An acknowledgement made in writing within the period of limitation extends the period of limitation. In this case, there was no acknowledgement of debt within three years from the period on which the account of the Corporate Debtor was declared NPA or within three years from the date on which the loan facilities were recalled. - SC....