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2022 (8) TMI 1003 - AT - Insolvency and BankruptcyMaintainability of application of CIRP (which was admitted) - application was barred by time or not - sufficient reasons, present or not, to hold that there was extension of limitation under Section 18 of the Limitation Act since the entries in the Balance-Sheets year 2012-13 to 2018-19 have not been looked into - HELD THAT:- The loan is acknowledged by the entry in the balance sheets and the opinion expressed by the Auditor cannot be read to mean that acknowledgement in balance sheet is detracted in any manner. When the acknowledgment is unequivocal and Auditor’s opinion in any manner does not detract it from being an acknowledgment under Section 18 of the Limitation Act, the mere fact that the financial document contains a counter claim shall not in any manner take away the acknowledgment under Section 18 of the Limitation Act. The Adjudicating Authority has rightly held that the balance sheets contain the acknowledgment under Section 18 hence the Application under Section 7 was not barred by time - It is further to be noticed that the financial documents have been prepared in the normal course of business and submitted under the Companies Act. Appeal dismissed.
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