Books of account cannot be treated as acknowledgement of liability in respect of debt payable to a Financial Creditor: SC

Asset Reconstruction Company Vs Tulip Star Hotels Limited & Ors. (Supreme Court) Subject: Judgment1 dated 1st August, 2022 of the Hon’ble Supreme Court of India in the matter of Asset Reconstruction Company (India) Limited Vs. Tulip Star Hotels Limited & Ors. [Civil Appeal Nos. 84-85 of 2020] The Hon’ble Supreme Court in its judgment dated 1st August, 2022 while allowing the appeal observed that the NCLAT erred in law in holding that the books of account of a company could not be treated as acknowledgement of liability in respect of debt payable to a Financial Creditor (FC), made f...