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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

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