Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
Written Acknowledgment Of Debt Extends Limitation Period For Insolvency Application: NCLAT New Delhi
Insolvency & Bankruptcy Code
The NCLAT (National Company Law Appellate Tribunal), New Delhi, ruled that a written acknowledgment of debt extends the limitation period for filing an insolvency application. The tribunal held that if the corporate debtor acknowledges the debt in writing before the expiry of the original limitation period, it provides a fresh period of limitation for the financial creditor to initiate insolvency proceedings under the IBC.
