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Jun 30, 2021

Entries in Balance Sheet Amount to Acknowledgement of Debt under Limitation Act, 1963

The Supreme Court in Asset Reconstruction Company (India) Limited v. Bishal Jaiswal[1] held that entries in a balance sheet could constitute an acknowledgement of debt for the purpose of extending limitation under Section 18 of the Limitation Act, 1963. The Supreme Court observed that though filing of a balance sheet is mandatory under law, there is no compulsion to make any particular admission of debt in the balance sheet, as the notes or the auditor’s report may enter necessary caveats in relation to any acknowledgement. Therefore, the balance sheet can be harmoniously read with the notes to determine if the entry regarding a creditor in the balance sheet is made unequivocally or with caveats.

 

[1] Asset Reconstruction Company (India) Ltd. v. Bishal Jaiswal, 2021 SCC OnLine SC 321.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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