“Whatever was on the left-hand side(liabilities) was not right and whatever was on the right-hand side(assets) was not left.” What was comment about?

Liabilities was not right  (= not Real)

Right hand side was not left (=No balance with assets)

Thanks for invitation 

Very nice question 

Agree with senior's 

It sounds like an Enron  or Arthur Andersen case... Of course I had to use google and found out that this happened to a Bank in India... " It was reported that the assets of Lehman Brothers were worth only a fraction of their book value and they had little capital to tap into to pay their creditors"

http://www.dnaindia.com/analysis/column-basel-iii-on-the-way-it-s-advantage-india-1692884

One of the interesting comments on the Balance Sheet of Lehman Brothers, after its fall in September2008.

Thanks for colleagues on these answers

Agree with Venkitaraman

in this question this basic accounts first sentence left side Colum of the accounts sheet liabilities figure was in correct and basically right hand side of the account sheet assets should be balance, but was not left, means nothing left, this could be bankrupt.

The comment in simple terms illustrates the rot that crept into the financial sector as a result of factors like loose lending standards, poorly underwritten subprime mortgages, shadow financing, unbridled speculation, gross asset-liability mismatches and inadequate liquidity buffers. With little owned funds left with and liquidity dried off, the banks went begging with their hats on hand to the taxpayer to bail them out. That was the scene we saw in2008 when the financial sector in the western world went berserk. 

it implies, in business any thing that has an utmost importance should be given priorities compare to the less important

somebody fell a sleep during setting up the contracts, otherwise what is right is left and what is left is right

both were not left.