https://www.taxtmi.com/caselaws?id=434685 Balance-sheet entries may constitute acknowledgment of liability for limitation purposes under Section 18 of the Limitation Act, 1963 where they are unequivocal and not negated by a qualifying auditor's note. On the facts, the corporate debtor's balance-sheets for FY 2014-15 and FY 2015-16 recorded default and outstanding bank dues, amounting to clear acknowledgment of the debt despite a later challenge to the NPA classification. Those acknowledgments extended limitation for the Section 7 insolvency application, rendering it within time and sustaining the admission order and the consequential liquidation order. en-us Fri, 24 Feb 2023 00:00:00 +0530 Wed, 01 Mar 2023 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434685 Balance-sheet entries may constitute acknowledgment of liability for limitation purposes under Section 18 of the Limitation Act, 1963 where they are unequivocal and not negated by a qualifying auditor's note. On the facts, the corporate debtor's balance-sheets for FY 2014-15 and FY 2015-16 recorded default and outstanding bank dues, amounting to clear acknowledgment of the debt despite a later challenge to the NPA classification. Those acknowledgments extended limitation for the Section 7 insolvency application, rendering it within time and sustaining the admission order and the consequential liquidation order. Case-Laws Insolvency and Bankruptcy Fri, 24 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434685