approve balance sheets, not even with the permission of the
Adjudicating Authority. Therefore, these fabricated balance sheets
cannot, in any circumstance, constitute acknowledgment of debt ... balance sheets were "invalid" as they were signed by
suspended directors was legally untenable, since the signing of balance sheets
even during CIRP
Therefore, in understanding the balance
sheets and in explaining the statements in the
balance-sheets, the balance-sheets together
with the Directors' report must ... unequivocal
acknowledgement on the balance-sheet is a
statutory document and perhaps is a separate
document but the balance sheet not confirmed
or passed
default being 31st July, 2013, the balance sheet
as on 31st March, 2017, which was the only balance sheet available before
the Adjudicating Authority, does ... date of the signing of the balance-sheet and the end of
the previous year. The balance-sheet contains no
admission of the amount
this Tribunal has observed that if Balance-Sheet of the Company is considered
to be acknowledgment of debt then in effect there would ... Report
(Annexure A19 -Page 316) in the part of Balance-Sheet of 2016-17 showing
acknowledgment of Rs. 35,28,33,333 as on 31st
extension of period of
limitation. Appellant claims that balance-sheet cannot be relied on for
acknowledgment under Section 18 . Reference is made to Judgment ... that in those Judgments it has been held that balance-sheet is not an
acknowledgment of debt. It is also argued that in the present
debt of the Appellant,
however in prior Balance Sheets no dispute was raised. In
subsequent to Balance Sheets, the mention regarding their intent for
resolution ... overall
basis out of 13 Balance Sheets from 2006-07 to 2018-19, apparently
in the three Balance Sheets, disputes were recorded as noted above
balance sheets should be read with the notes in the
balance sheets, and in particular the note in the balance sheet ... loan
was acknowledged through the balance sheets and therefore we
are considering the balance sheets to examine the
acknowledgement, if any, of the said loan
2021
- Balance Sheet -7
- Bank Statements -8
- Passport of Vikas Garg - 284
- ITR and Computation - 285 - 287
of Income of Saroj Devi
- Balance Sheet ... acknowledgement
- Balance Sheet - 11 - 84
- Bank Statements - 85 - 86
2 Arise Infotech Private 5900000 - Confirmation of - 87
Limited Account
- Balance Sheet - 90 - 106
- Bank Statement
Debt',
sought to be enforced even by incorporating alleged acknowledgements in
the `Balance Sheets' of the `Corporate Debtor', was `Time Barred ... Entries in Balance Sheets', cannot be read in
`Isolation', and in the instant case, the amount exhibited in the `Balance
Sheets
2021
11
24 to erroneously hold that the acknowledgment of
debt in balance sheet and in OTS proposal would
amount to acknowledgment of liability within ... subject of limitation:
(a) Continuing wrong;
(b)Balance confirmation and acknowledgement of
liability in the Balance Sheet;
(c) Settlement offers made.
10. The date
