NCLT Admits CIRP Application: Corporate Debtor's One Time Settlement Proposal Acknowledges Debt, Affects Limitation Period.

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....Admission of application for CIRP - Period of limitation - An admission, is the best peace of evidence, which can be used against the Maker, and this can be taken advantage of, by a Party, which places reliance, so as to bind, the said Maker. - An admission, is not a self serving statement, but it is a self harming one. - It cannot be forgotten that the Corporate Debtor, had acknowledged the Debt, by offering One Time Settlement Proposal - Application was rightly admitted by the NCLT - AT....