WebBishal Jaiswal, a suspended director of Corporate Power Ltd. He relied upon the majority opinion in judgment passed by NCLAT in the matter of V. Padmakumar v. Stressed Assets Stabilization Fund (SASF) & Anr1, wherein it was held that the entries in a Balance Sheet do not amount to an acknowledgment of debt in terms of Section 18 of Limitation Act. WebCase: Asset Reconstruction Company (India) Limited versus Bishal Jaiswal & Anr Court: Supreme Court of India Case No: Civil Appeal No.323 Of 2024. Head Note. Court held that acknowledgement of the debt in a balance sheet amounts to an acknowledgement of liability under Section 18 of the Limitation Act. ... CIT 2) the Hon’ble Supreme Court ...
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW …
WebApr 16, 2024 · The Supreme Court in its judgement in Asset Reconstruction Company (India) Limited v.Bishal Jaiswal & Anr. (CIVIL APPEAL NO.323 OF 2024) clarified the question of law and held that entries in the balance sheet can be taken as an acknowledgement of outstanding debt for the purpose of Section 18 of the Limitation Act, … WebApr 15, 2024 · The Supreme Court has held that entries in balance sheets can amount to acknowledgement of debt for the purpose of extending limitation under Section 18 of the Limitation Act. tradewinds christmas lights
NCLAT denies to reconsider the decision in V. Padamkumar - Bishal ...
WebLatest Supreme Court Verdicts Asset Reconstruction Company (India) Limited vs. Bishal Jaiswal (Supreme Court) Under S. 18 an acknowledgement of liability signed by the party against whom the right is claimed gives rise to a fresh period of limitation. WebAsset Reconstruction Company (India) Limited vs. Bishal Jaiswal (Supreme Court) Limitation Act: The principle of s. 9 of the Limitation Act, namely, that when time begins to run, it cannot be halted, except by a process known to law, has to be strictly adhered to. S. 18 of the Limitation Act, which extends the period of limitation depending ... WebSupreme Court in Asset Reconstruction Company (India) Ltd. v. Bishal Jaiswal & Anr.13 held that Section 18 of the Limitation Act is applicable for extending the period of limitation to the proceedings under the Insolvency and Bankruptcy Code. Scenario 1 - When the Acknowledgement of Debt in the Balance Sheet is within the Period of Limitation tradewind scientific ottawa