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Entries In Balance Sheet Do Not Amount To Acknowledgment Of Debt Under Sec 18 Limitation Act : NCLAT Declines Reference Against ‘V Padmakumar’ Decision

A five-member Bench of the National Company Law Appellate Tribunal turned down a reference made by a three-member Bench, seeking re-consideration of the decision in V. Padamakumar Vs. Stressed Assets Stabilization Fund (SASF) & Anr where it was held that entries in books of accounts will not amount to acknowledgment of debt under Section 18 of the Limitation Act, 1963. The five member-Bench has held that the reference is “incompetent” and it was “inappropriate” on the part of the Referral Bench to doubt the correctness of the five Member Bench Judgment, which admittedly has not been appealed against and occupies the field till date.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.