Vidyasagar Prasad vs Uco Bank

The Supreme Court upheld the NCLAT's decision affirming the Adjudicating Authority's order admitting an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Court found that the General Manager of UCO Bank was authorized to file the application, and the Corporate Debtor's claims of limitation and non-existence of debt were rejected based on the acknowledgment of debt in financial statements as per Section 238A of the IBC and Section 18 of the Limitation Act. The Court concluded that the initiation of CIRP was valid and within the limitation period.