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Episode 43 - Entries in Balance Sheet tantamount to Acknowledgment of Debt
The Hon'ble Supreme Court of India, in the matter of ARCIL vs. Bishal Jaiswal & Anr., after referring to a plethora of judgements, ruled that the entries in balance sheet shall be regarded as Acknowledgement of Debt for the purpose of Section 18 of the Limitation Act, 1963 read with Section 7 & 9 of the IBC, 2016 for initiation of CIRP.
In this Podcast Mr Vakiti Vineeth Reddy explained the rationale of the SC order in the instant case and the views of Full Bench of the NCLAT which had contrary views.
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By VListenThe Hon'ble Supreme Court of India, in the matter of ARCIL vs. Bishal Jaiswal & Anr., after referring to a plethora of judgements, ruled that the entries in balance sheet shall be regarded as Acknowledgement of Debt for the purpose of Section 18 of the Limitation Act, 1963 read with Section 7 & 9 of the IBC, 2016 for initiation of CIRP.
In this Podcast Mr Vakiti Vineeth Reddy explained the rationale of the SC order in the instant case and the views of Full Bench of the NCLAT which had contrary views.