The Supreme Court has ruled that entries in a corporate debtor’s balance sheet, coupled with an offer of one-time settlement (OTS), constitute a valid acknowledgment of debt under Section 18 of the Limitation Act, thereby extending the limitation period for initiating Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. This
Acknowledgment in Balance Sheets Suffices to Extend Limitation for Insolvency Proceedings: Supreme Court
