Mere Balance Sheet entries not amounts to acknowledgment of Debt under Limitation Act

Bishal Jaiswal Vs Asset Reconstruction Company (India) Ltd. & Anr. (NCLAT Delhi) It is submitted that in “Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminum Industries Ltd. & Anr., Civil Appeal No. 6347 of 2019”, the Hon’ble Apex Court held that Section 18 of the Limitation Act, 1963 does not apply to applications under I&B Code. Therefore, question of Balance Sheet amounting to acknowledgment of liability is no longer relevant. It is accordingly submitted that the reference is incompetent and the appeal is required to be remitted back to the three Member Bench with direction ...