S.95 IBC Plea Found Within Limitation Due to Debt Acknowledgment: Supreme Court Upholds NCLAT Ruling

The Supreme Court has upheld an NCLAT ruling, confirming that an IBC (Insolvency and Bankruptcy Code) plea was within the limitation period due to "debt acknowledgment." The top court affirmed that a clear acknowledgment of debt by the corporate debtor can extend the period of limitation for filing an insolvency application, bringing it within the permissible timeframe. This decision provides significant clarity on the application of the Limitation Act to IBC proceedings, reinforcing the principle that an acknowledgment can revive a time-barred debt for the purpose of initiating insolvency resolution.