https://www.taxtmi.com/caselaws?id=775912 A balance sheet can constitute acknowledgment of debt under Section 18 of the Limitation Act, 1963 when, read in its surrounding context, it shows a subsisting liability and the debtor-creditor relationship; on that basis, the 2019-20 balance sheet was treated as a valid acknowledgment. The acknowledgment, signed on 12.08.2020, also kept limitation alive for the Section 7 IBC application, and the COVID exclusion under paragraph 5(I) of the Supreme Court's 10.01.2022 order applied to exclude the period from 15.03.2020 to 28.02.2022. The application was therefore within limitation and was remitted for consideration on merits. en-us Wed, 30 Jul 2025 00:00:00 +0530 Thu, 31 Jul 2025 16:24:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775912 A balance sheet can constitute acknowledgment of debt under Section 18 of the Limitation Act, 1963 when, read in its surrounding context, it shows a subsisting liability and the debtor-creditor relationship; on that basis, the 2019-20 balance sheet was treated as a valid acknowledgment. The acknowledgment, signed on 12.08.2020, also kept limitation alive for the Section 7 IBC application, and the COVID exclusion under paragraph 5(I) of the Supreme Court's 10.01.2022 order applied to exclude the period from 15.03.2020 to 28.02.2022. The application was therefore within limitation and was remitted for consideration on merits. Case-Laws IBC Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775912