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2022 (10) TMI 437 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHILiquidation of Corporate Debtor - correctness of the approach of the Adjudicating Authority in opining that the period of limitation would start running from the date of acknowledgment of debt in the balance sheet by the Appellant - Section 33(2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In the present case, the disclosure by the assessee company in its balance sheet as on 31st March, 2002 of the accounts of the sundry creditors’ amounts to an acknowledgement of the debts in their favour for the purposes of Section 18 of the Limitation Act. The assessee’s liability to the creditors, thus, subsisted and did not cease nor was it remitted by the creditors. The liability was enforceable in a court of law. The appeal is denuded of merits and the same is hereby dismissed.
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