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
To Read More Please Subscribe to VIP Membership for Unlimited Access to All the Articles, Download Available Copies of Judgments/Order, Acess to Central/State Bare Acts, Advertisement Free Content, Access to More than 4000 Legal Drafts( Readymade Editable Formats of Suits, Petitions, Writs, Legal Notices, Divorce Petitions, 138 Notices, Bail Applications etc.) in Hindi and English.