VIPL sought for a stay on the proceedings before the NCLT on the pretext of pendency of proceeding before the Supreme Court and resultantly, VIPL was unable to realize a substantial sum of Rs. 1730 crores which would enable the Appellant to clear the debt towards Axis Bank.

The Supreme Court overturn decision of the a 5-Judge Bench order of the NCLAT that balance sheet entries do not amount to the acknowledgment of a debt and thus do not extend limitation under Section 18.