Unsecured loan given to pvt ltd companbarred by limiation...


I had given a loan to a private limited company by account payee cheque in 2006 and since I knew the company well, I thought they would pay up with interest when requested, as they had given a written acknowledgement on the company letter head, signed by the Director. Also, the company has been showing this amount in the Audited balance sheet every year (latest 31.03.2013). The Auditors / Directors Report were also regularly filed with ROC after approval by Board. Now the company is refusing to pay the money and is denying the liabaility. I filed a case in the HC for winding up and also submitted copies of the Cheque, Bank Certificate, Bank Statement.. The Single Judge after 9 months, dismissed the case citing Law of Limitation (time barred, 3 years) and when my lawyer mentioned that the amounts are reflected in the Audited Balance Sheet regularly, he said that Balance Sheet cannot be considered as "acknowledgement" and dismissed. Request experts to share their thoughts and views & suggestions for possible order review / appeal. Thanks in advance..

 
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Advocate

Sir, What was the date of Audited Balance Sheet wherein the amount has been mentioned ? You could have moved an application for condonation as well before the same court .... Regards Kapil Chandna adv 9899011450
 
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FIN

You have posted that:

“Also, the company has been showing this amount in the Audited balance sheet every year (latest 31.03.2013). The Auditors / Directors Report were also regularly filed with ROC after approval by Board.”

This may go in your favor.

You may obtain opinion of a Lawyer specializing in Company Affairs too.

 
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