Debt Acknowledgments Validate Insolvency Proceedings Against Corporate Debtor Under Section 7 Within Prescribed Limitation Period

NCLAT affirmed the DRT's Section 7 application admission against the corporate debtor. The tribunal found multiple debt acknowledgments within the three-year limitation period, specifically noting acknowledgments on 28.01.2014, 07.05.2014, and subsequent communications in 2016 and 2017. The court determined the application filed on 13.11.2019 was timely due to these acknowledgments. The Resolution Professional was authorized to proceed with Corporate Insolvency Resolution Process (CIRP), with interim orders vacated and the period from 29.08.2022 excluded from CIRP calculation. The appellant was directed to surrender corporate assets, having failed to make payments after 30.06.2015. .....

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