SC: Balance-Sheet Acknowledgement & Debt Restructuring Extend Limitation – Sec 7 IBC Application Held Valid

B. Prashanth Hegde Vs State Bank of India & Anr. (Supreme Court of India) In the Supreme Court upheld admission of CIRP u/s 7 of IBC against the Corporate Debtor, holding that the application was within limitation due to repeated acknowledgements of debt through restructuring agreements, consortium arrangements & balance-sheet entries. The Court ruled that although the account was initially classified NPA earlier, subsequent working-capital consortium agreements and balance-sheet disclosures (signed on 30-09-2015) constituted valid acknowledgements u/s 18 of the Limitation Act, thereby...