Vidyasagar Prasad v. UCO Bank and Anr.

The entry made in the Balance Sheet coupled with the note of the Auditor clearly amounts to acknowledgement of the liability – Vidyasagar Prasad Vs. UCO Bank and Anr. – Supreme Court

Hon’ble Supreme Court referring Asset Reconstruction Company (India) Ltd. v. Bishal Jaiswal (2021) ibclaw.in 55 SC upheld the decision of NCLT and NCLAT wherein it was held that the entry made in the balance sheet coupled with the note of the auditor of the appellant clearly amounts to acknowledgement of the liability.

The entry made in the Balance Sheet coupled with the note of the Auditor clearly amounts to acknowledgement of the liability – Vidyasagar Prasad Vs. UCO Bank and Anr. – Supreme Court Read Post »

The balance sheet, brought on record for acknowledgement under Section 18 before the AA while deciding the question of limitation, cannot be ignored simply on the ground that it is not pleaded in the Application filed in Form-1 for initiation of the CIRP – Vidyasagar Prasad Vs. UCO Bank – NCLAT New Delhi

The plea of Section 18 of the Limitation Act not having been raised by the Financial Creditor in the Application filed under Section 7 cannot come to the rescue of the Appellant’s in the facts of the case. It is further observed that if the documents constituting acknowledgement of their debt had not been brought on record, the Application filed under Section 7 of the Code would be liable to be dismissed. Therefore, in the instant case, the balance sheet that has been brought on record in the instant case before the Adjudicating Authority shall be taken into consideration while deciding the question of limitation and default on the part of the Corporate Debtor. The said documents cannot be ignored simply on the premise that it is not pleaded in the Application filed in Form-1 for initiation of the Corporate Insolvency Process.

The balance sheet, brought on record for acknowledgement under Section 18 before the AA while deciding the question of limitation, cannot be ignored simply on the ground that it is not pleaded in the Application filed in Form-1 for initiation of the CIRP – Vidyasagar Prasad Vs. UCO Bank – NCLAT New Delhi Read Post »

Scroll to Top