SECTION 18 OF LIMITATION ACT ARE NOT ALIEN TO THE PROCEEDING OF IBC, REITERATES SUPREME COURT State Bank of India vs Krishidhan Seeds Private Limited | 2022 (SC) 497 NCLT rejected the application of CIRP u/s 7 by State Bank of India on the ground of limitation, referring to the NCLAT decision of ‘V Padmakumar v Stressed Assets Stabilisation Fund and Another’ the appellant tribunal observed that the balance sheet cannot be treated as the acknowledgement of liabilities. Loans were observed to be NPA in year of 2014 and the proceeding were initiated u/s 7 of IBC in 2018, which was beyond the period of three years. Supreme Court overruled and held that acknowledgement of debt in the unqualified balance sheet within period of three years from the original date of default, extends period of filing of CIRP u/s 7 of IBC. With a team of Commercial Law experts, Reddy & amp; Reddy Law Firm has extensive experience and involvement in commercial disputes, including Insolvency Proceedings. We are regularly involved in representations before NCLT, NCLAT, DRT and other commercial tribunals in India.