https://www.taxtmi.com/caselaws?id=199165 Balance-sheets may operate as acknowledgments of a subsisting debt under Section 19 of the Indian Limitation Act when they record the liability and are adopted by the company, so the claim is not barred by limitation. The analysis also notes that balance-sheets signed by managing agents can bind the company where the agents have general authority and the company later adopts the statements in general meeting, amounting to ratification. The legal point is that an express promise to pay is unnecessary; a conscious admission of liability, coupled with corporate adoption or ratification, is sufficient to keep the debt alive. en-us Mon, 17 Apr 1961 00:00:00 +0530 Wed, 21 Feb 2018 18:20:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199165 Balance-sheets may operate as acknowledgments of a subsisting debt under Section 19 of the Indian Limitation Act when they record the liability and are adopted by the company, so the claim is not barred by limitation. The analysis also notes that balance-sheets signed by managing agents can bind the company where the agents have general authority and the company later adopts the statements in general meeting, amounting to ratification. The legal point is that an express promise to pay is unnecessary; a conscious admission of liability, coupled with corporate adoption or ratification, is sufficient to keep the debt alive. Case-Laws Indian Laws Mon, 17 Apr 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199165