Five-Member NCLAT Bench to reconsider if reflection of debt in balance sheet is acknowledgement of debt

A three-member bench of NCLAT has referred the decision in V Padamakumar vs Stressed Assets Stabilization Fund (SASF) & Anr for reconsideration.
Five-Member NCLAT Bench to reconsider if reflection of debt in balance sheet is acknowledgement of debt
IBC

A three-member bench of National Company Law Appellate Tribunal has referred the decision in V Padamakumar vs Stressed Assets Stabilization Fund (SASF) & Anr for reconsideration.

With a 4:1 majority, a five-member bench in V Padamakumar had held that reflection of debt in the balance sheet cannot be considered as an acknowledgement of debt under Section 18 of the Limitation Act.

IBC
The NCLAT's majority decision on acknowledgement of debt in balance sheets: An appeal to the brooding spirit of law
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