New Delhi, April 21 -- The National Company Law Appellate Tribunal (NCLAT), Principal Bench, has upheld the initiation of the Corporate Insolvency Resolution Process (CIRP) against a corporate debtor, ruling that written acknowledgment of debt extends the limitation period under Section 18 of the Limitation Act.

A two-member bench comprising Justice Yogesh Khanna (Judicial Member) and Ajai Das Mehrotra (Technical Member) dismissed an appeal filed by the corporate debtor against the order of the National Company Law Tribunal (NCLT), New Delhi, which had admitted a Section 9 application under the Insolvency and Bankruptcy Code (IBC), 2016.

The dispute arose when the operational creditor, who supplied and installed fire safety systems in a...