Entry in balance sheet amounts to valid acknowledgment of debt: SC

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 &...