Corporate debtor's balance sheets extend limitation for insolvency proceedings.

The National Company Law Appellate Tribunal (NCLAT) determined that insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) were not time-barred. The acknowledgment of the debt in the corporate debtor's balance sheets and a Memorandum of Compromise extended the limitation period, thereby validating the Section 7 application. Consequently, the appeal challenging this was dismissed. .....

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