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Entry in balance sheet amounts to valid acknowledgment of debt: SC
Case Law Details
- Case Name
- IL & FS Financial Services Limited Vs Adhunik Meghalaya Steels Private Limited (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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IL & FS Financial Services Limited Vs Adhunik Meghalaya Steels Private Limited (Supreme Court of India)
The Supreme Court in its recent judgment has ruled that entry in a company’s balance sheet amounts to a valid acknowledgment of debt under Section 18 of the Limitation Act, 1963 and allowed the plea of IL&FS for a default of ₹55.45 crore.
The short question that arises for consideration is whether the National Company Law Appellate Tribunal (‘NCLAT’) and the National Company Law Tribunal ( ‘NCLT’) were justified in dismissing the Section 7 application filed by IL &...
