Advocate Sushila
WHETHER A DEBT IN THE BALANCE SHEET IS ACKNOWLEDGEMENT FOR EXTENTION OF LIMITATION
Advocate Sushila Ram 28 Sep 2020

WHETHER A DEBT IN THE BALANCE SHEET IS ACKNOWLEDGEMENT FOR EXTENTION OF LIMITATION

The Three Members Bench of National Company Law Appellate Tribunal, New Delhi (#NCLAT), vide its Judgment dated 25.09.2020 in the case of Bishal Jaiswal v. Asset Reconstruction Company (India) Ltd and Another [CA (AT) (Ins) No. 385/2020] opined and held that Judgment rendered by Five Hon’ble Members of this Appellate Tribunal in the Case of V. Padamakumar vs. Stressed Assets Stabilization Fund (SASF) & Anr [CA (AT)(Ins)No. 57/2020] (V. Padma Kumar Case) requires reconsideration with respect to whether reflection of #debt in a #balancesheet 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/2020/09/27/whether-a-debt-in-the-balance-sheet-is-acknowledgement-for-extention-of-limitation/


#debt #limitation #extension #NCLAT

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