Financial Statements Archives

Supreme Court Clarifies Acknowledgment of Debt in Balance Sheets under IBC: Asset Reconstruction Company vs. Tulip Star Hotels (2022)

Supreme Court Clarifies Acknowledgment of Debt in Balance Sheets under IBC: Asset Reconstruction Company vs. Tulip Star Hotels (2022) LEGAL ISSUE: Whether a balance sheet of a company can be considered an acknowledgment of debt for the purpose of extending the limitation period under the Insolvency and Bankruptcy Code (IBC). CASE TYPE: Insolvency Law Case […]

Supreme Court clarifies the role of balance sheets in acknowledging debt under the Insolvency and Bankruptcy Code (IBC): Asset Reconstruction Company vs. Bishal Jaiswal (2021)

April 15, 2021 / B.R. Gavai, Companies Act, 2013, Companies Act, 2013 with Section 129, Corporate Insolvency Resolution Process, Financial Statements, Hrishikesh Roy, Insolvency and Bankruptcy Code, 2016, Insolvency and Bankruptcy Code, 2016 with Section 238A, Insolvency and Bankruptcy Code, 2016 with Section 7, Judges, Limitation Act, 1963, Limitation Act, 1963 with Section 18, R.F. Nariman

Supreme Court Clarifies the Role of Balance Sheets in Acknowledging Debt under IBC Date of the Judgment: April 15, 2021 Citation: (2021) INSC 218 Judges: R.F. Nariman, J., B.R. Gavai, J., Hrishikesh Roy, J. Can a company’s balance sheet serve as valid proof of debt acknowledgment, thereby extending the limitation period for initiating insolvency proceedings?

Supreme Court clarifies the role of balance sheets in acknowledging debt under the Insolvency and Bankruptcy Code (IBC): Asset Reconstruction Company vs. Bishal Jaiswal (2021) Read Post »