Advocate Sushila
ENTRY OF A DEBT IN BALANCE SHEET IS NOT AN ACKNOWLEDGEMENT FOR EXTENTION OF LIMITATION
Advocate Sushila Ram 24 Dec 2020

ENTRY OF A DEBT IN BALANCE SHEET IS NOT AN ACKNOWLEDGEMENT FOR EXTENTION OF LIMITATION

In a reference of a case V. Padamakumar vs. Stressed Assets Stabilization Fund (SASF) & Anr [CA (AT)(Ins)No. 57/2020] (V. Padma Kumar Case) by the Three Members Bench to the Five Members Bench of National Company Law Appellate Tribunal, New Delhi (#NCLAT), vide its Judgment dated 22.12.2020 in the case of Bishal Jaiswal v. Asset Reconstruction Company (India) Ltd and Anr [CA (AT) (Ins) No. 385/2020] opined and held that Judgment rendered by Five Hon’ble Members of NCLAT in the Case of V. Padma Kumar Case, do not require reconsideration with respect to whether reflection of debt in a balance sheet is ‘acknowledgement of #debt’ for the purpose of Section 18 of the #Limitation Act 1963 (Limitation Act).


To read more, please visit the link below:


http://www.theindianlawyer.in/blog/2020/12/24/entry-of-a-debt-in-balance-sheet-is-not-an-acknowledgement-for-extention-of-limitation/


#debt #default #nclat #limitation

Did you find this write up useful? YES 0 NO 0
Featured Members view all

New Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.