Search Results Page
Search Results
1 - 10 of 11 (0.21 seconds)Section 7 in The Companies Act, 1956 [Entire Act]
Section 7 in The Limitation Act, 1963 [Entire Act]
The Right to Information Act, 2005
The Limitation Act, 1963
Asset Reconstruction Company (India) ... vs Bishal Jaiswal on 15 April, 2021
Company Appeal (AT) (Insolvency) No. 948/2022
-20-
"Therefore, it may be inferred that only during the financial
Year 2014-15 the Directors clearly disputed the 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 with dispute was
indicated and in the Balance Sheet of 2018-19 no
apparent dispute was recorded regarding the debt. From
the entire series of record of such financial balance sheets
from 2007-2008 to 2017-18 it can be presumed that the
Corporate Debtor intended from time to time to
acknowledge the debt in the Balance Sheet, however we
cannot ignore the fact that in 2014-15, 2015-16 and 2016-
17, the Corporate Debtor has disputed claims. On 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 and based on this, in balanced
manner and keeping commercial/judicial fairness, such
denial of acknowledgment cannot be taken as stout
dispute regarding debt which would tantamount to
absolute and continued denial of acknowledgments of debt
by the Corporate Debtor. Keeping in view the ratio
decidendi of Bishal Jaiswal (Supra), therefore, in light of
this detailed analysis, this Appellate Tribunal has to
consider that there were acknowledgements of due in the
Balance Sheets and the acknowledgement letter of the
Corporate Debtor which would extend the limitation period,
in terms of Section 18 of Limitation Act, 1963."
Asset Reconstruction Company India ... vs Uniworth Textiles Limited on 10 July, 2023
24. We also refer to Judgment of this Tribunal in C.A. (AT) Ins. No. 991 of
2020, Asset Reconstruction Company India Limited Vs. Uniworth
Textiles Limited, decided on 10th July, 2023 where this Tribunal had
occasion to consider the balance sheets for purposes of finding out
acknowledgement under Section 18 of the Limitation Act. This Tribunal
also looked into the Director's Report. This Tribunal in the said
Judgment has after noticing the Directors Report and certain disputes
claimed by Corporate Debtor, made following observations: