https://www.taxtmi.com/caselaws?id=275689 The court dismissed the petition seeking winding up of the respondent company due to an unpaid debt of Rs. 20,025, ruling it as time-barred. The dispute over the balance as of 31st March 1996 and the attempt to extend the limitation period based on the auditor's report were analyzed. The court emphasized the legal requirements for acknowledgment of debt under the Limitation Act, stating that the auditor's report for 1995-96 did not constitute an acknowledgment of the debt existing on 27th November 1996. The court highlighted the importance of the balance sheet date for determining liabilities and dismissed the petition based on the prescribed limitation period. en-us Mon, 22 Nov 2004 00:00:00 +0530 Fri, 12 Oct 2018 17:13:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275689 The court dismissed the petition seeking winding up of the respondent company due to an unpaid debt of Rs. 20,025, ruling it as time-barred. The dispute over the balance as of 31st March 1996 and the attempt to extend the limitation period based on the auditor's report were analyzed. The court emphasized the legal requirements for acknowledgment of debt under the Limitation Act, stating that the auditor's report for 1995-96 did not constitute an acknowledgment of the debt existing on 27th November 1996. The court highlighted the importance of the balance sheet date for determining liabilities and dismissed the petition based on the prescribed limitation period. Case-Laws Indian Laws Mon, 22 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275689