Stamping of Invoices Does Not Imply Acceptance of Debt: NCLAT

The NCLAT (National Company Law Appellate Tribunal) has ruled that the mere stamping of invoices does not imply acceptance of debt for the purpose of insolvency proceedings. In insolvency cases, acknowledgment of debt within the limitation period is crucial for admitting a claim. The NCLAT clarified that simply stamping an invoice as received by the corporate debtor does not automatically constitute an acknowledgment of the debt's existence or liability. There must be a clear and unequivocal admission of the debt by the corporate debtor for it to be considered an acknowledgment under the Insolvency and Bankruptcy Code.