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Balance Sheet as Acknowledgment of Debt by Parth Goyal is a document available to read on EtoBox.

What is Balance Sheet as Acknowledgment of Debt about?

The document discusses three issues around whether entries in a balance sheet can be cited as admission of debt or liabilities, if it creates a fresh limitation period under section 18 of the Limitation Act, and if it amounts to acknowledgement of debt. It discusses a recent Supreme Court judgment from April 2021 that ruled that while balance sheets are required by law, the entries can amount to debt acknowledgement depending on the case facts, overturning an NCLAT decision.

Author

Parth Goyal

Language

EN