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The Supreme Court of India has delivered a landmark ruling on whether the admission of a claim by an Interim Resolution Professional during Corporate Insolvency Resolution Process constitutes an acknowledgment of liability under the Limitation Act, 1963.

The Supreme Court of India has delivered a landmark ruling clarifying the threshold for rejecting insolvency applications under Section 9 of the Insolvency and Bankruptcy Code, 2016. In GLS Films Industries Private Limited v. Chemical Suppliers India Private Limited, the apex court addressed whether appellate tribunals can conduct mini-trials to evaluate the merits of pre-existing disputes, or whether they must simply confirm the existence of a plausible dispute. This judgment reinforces critical safeguards