The National Company Law Appellate Tribunal at Delhi on Thursday observed that merely uploading financial information on an information utility does not amount to acknowledgment of debt and therefore cannot trigger a fresh limitation period for filing a Corporate Insolvency Resolution Process application under Section 9 of the Insolvency and Bankruptcy Code.
The Bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra dismissed an appeal filed by Air Wave Technocrafts Private Limited against Voltas Limited, holding that Voltas had never admitted the liability in a manner recognised under the Limitation Act.
It observed, “When we look at the material placed on record before us, it becomes clear that the Corporate…