Discounting a letter of credit is not payment by the debtor: Madras HC dismisses Rs 5.19 crore leather suit
Justice A.D. Maria Clete held that a ledger entry showing a Chennai leather firm received Rs 24.15 lakh from its own banker on 1 July 2016 could not extend limitation under Section 19 of the Limitation Act, and refused to lift the corporate veil against the tannery directors and their family.