https://www.taxtmi.com/caselaws?id=369903 A written balance confirmation or statement of accounts issued by the debtor can amount to an acknowledgment of liability and extend limitation under Section 18 of the Limitation Act, 1963. In this winding-up context, the court treated the petitioner's inter-corporate deposit documents, repayments, and account confirmation as evidence of a subsisting debt, and drew an adverse inference from the respondent's failure to produce its own books to rebut them. The defence was found not bona fide, the debt remained enforceable, and the limitation objection failed. The winding-up petition was therefore admitted, with a provisional liquidator appointed and limited abeyance granted to allow payment of the admitted amount. en-us Tue, 25 Sep 2018 00:00:00 +0530 Mon, 05 Nov 2018 11:27:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369903 A written balance confirmation or statement of accounts issued by the debtor can amount to an acknowledgment of liability and extend limitation under Section 18 of the Limitation Act, 1963. In this winding-up context, the court treated the petitioner's inter-corporate deposit documents, repayments, and account confirmation as evidence of a subsisting debt, and drew an adverse inference from the respondent's failure to produce its own books to rebut them. The defence was found not bona fide, the debt remained enforceable, and the limitation objection failed. The winding-up petition was therefore admitted, with a provisional liquidator appointed and limited abeyance granted to allow payment of the admitted amount. Case-Laws Companies Law Tue, 25 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369903