issue or negotiate any bill of exchange or promissory note or acknowledge any debt, so that a right (whether actual or contingent) to receive ... bill of exchange or promissory note, transfer any security or acknowledge any debt, so that a right (whether actual or contingent) to receive a payment
Debt Recovery Tribunal and/or the appellate authority
under the Recovery of Debts Due to Banks and Financial Institutions Act,
1993 [“Recovery of Debts ... Mills”] held that an acknowledgement of
liability that is made in a balance sheet can amount to an
acknowledgement of debt as follows
natural inference from an unconditional acknowledgment that the person who acknowledges promises to pay the debt; that is what every honest man would mean ... debt. A promise to pay a debt does not therefore necessarily imply an admission that the debt on the date of the acknowledgment
refers both to conditional and unconditional acknowledgments and yet their Lordships observed that an acknowledgment merely renews debt. The use of the word "merely ... also without any force. An acknowledgment would remain an acknowledgment whether it is unilateral or -bilateral. A unilateral acknowledgment would, in most cases, be more
that defendants 1 and 2 have confirmed the liability by executing acknowledgement of debt ... from the time when the acknowledgement was so signed.
(Emphasis made by this Court)
21. The acknowledgements of debt produced in this case
principal or as to whether the agent was authorised to acknowledge debts on behalf of his principal.
15. This decision was affirmed by a subsequent ... them. We find also that the first payment towards the acknowledged debt shown in the Pass Book is an amount transferred from the 1st defendant
debt and the promise to pay the debt can only be implied; in the latter case the statement that the debt shall bear interest means ... merely states that a debt is due and it contains no express promise to pay the debt acknowledged and, indeed, under Article 1 , Schedule
through letters/ e-mails have also acknowledged the outstanding dues,
which are to be treated as acknowledgements of debt in terms of Section ... therefore such mention of debt in the balance sheets cannot
be construed as admission of debt or acknowledgment of the same. In this
regard, Learned
acknowledged
through separate entries in the balance sheets.
Even if there is valid counterclaim (which is yet to
be adjudicated), the acknowledgment of debts ... time when the acknowledgment was so signed. Thus, it
is to be seen whether the acknowledgments of the liability of
debt has been made
office memo dated 13/11/2009 is not an
acknowledgement of debt; under Section 18 of the Limitation Act, 2003,
acknowledgment of debt must ... Limitation
Act, for a correspondence to be an acknowledgement of debt it must fulfil
the following conditions: (i) That the acknowledgement of liability must
