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Informative

NCLT Admits Application of IDBI Bank u/s 7 of IBC as Corporate Debtor Acknowlegdes OTS on Due Debt within period of limitation

Update / Judgement Date

14 Sept 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

BankingInsolvency & Bankruptcy Code

The NCLT has "admitted an application of IDBI Bank of IBC," as the "corporate debtor acknowledges OTS on due debt within the period of limitation." This is a significant ruling that provides clarity on the legal standing of claims made by the EPFO during the corporate insolvency resolution process. The court's decision, which is a significant victory for the government, was made on the grounds that the company's claim was not supported by evidence.