Entries In Balance Sheet Do Not Amount To Acknowledgment Of Debt Under Sec 18 Limitation Act : NCLAT Declines Reference Against 'V Padmakumar' Decision
Kanthi Narahari and Background In September this year, a bench comprising Justice Jarat Kumar Jain, Member (Judicial), Justice Balvinder Singh, Member (Technical) and V.P Singh, Member (Technical), opined that the majority decision in V Padmakumar was rendered ignoring several precedents laid down by the Supreme Court and many High Courts. This issue arose while considering an appeal filed by the corporate debtor against the order passed by the adjudicating authority admitting the insolvency petition filed by a consortium of lenders. The corporate debtor contended that the application...
Source: livelaw.in