Law of limitation is not meant to be an aid to unconscionable conduct, although, if a claim is clearly barred, the court must unhesitatingly dismiss the suit. It is a law of repose, peace and justice, which bars the remedy after the lapse of a particular period by way of public policy and expediency without extinguishing the right except in certain cases. Therefore, the court must lean against limitation and in favour of the substance of the right to sue where two views are clearly possible. When there is the benefit of a reasonable doubt in the matter of construction of a statement relied upon to serve as an acknowledgment to save limitation, the benefit of that doubt should go to the plaintiff. That is what V.R. Krishna Iyer, J. said in Eapen Panicker v. Krishna Panicker (1970 KLT 42), following earlier Supreme Court decisions.

2. The Balance Sheet of a company is the statement of its assets and liabilities at the end of the financial year approved by the Board of Directors and authenticated in the manner provided by law. The persons who authenticate do so by authorisation as agents of the company. The inclusion of a debt in a Balance Sheet duly prepared and authentica