TaxTMI 
TaxTMI 
Interpreting Limitation and Acknowledgment of Debt under the IBC: A Detailed Legal Analysis
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.... Introduction This analysis provides an in-depth examination of an appellate decision involving a dispute under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appeal contested the decision of the National Company Law Tribunal (NCLT), focusing on intricate legal issues surrounding the application's admissibility, primarily concerning the question of limitation and acknowledgm....
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....context of insolvency proceedings under the IBC, particularly Section 18, which concerns the acknowledgment of debt and its effect on limitation periods. * Recognition of Debt Acknowledgment: Whether entries in balance sheets and director's reports can be construed as acknowledgments of debt under the Limitation Act. Tribunal's Reasoning and Decision The tribunal's decision intrica....
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....Bishal Jaiswal. The tribunal inferred that while mere entries in balance sheets cannot be regarded as unqualified acknowledgments of debt, a comprehensive analysis of financial statements, director's reports, and the conduct of the debtor suggested an implicit acknowledgment. * Impact of Disputes on Acknowledgment: The tribunal acknowledged that while some financial statements did dispute the ....