Provisions of the Limitation Act, 1963, should apply to the proceedings under the Insolvency and Bankruptcy Code, 2016 by virtue of Section 433 of the Companies Act, 2013, since the NCLT and the NCLAT are the creation of the Companies Act, 2013
Recently, in the case of Neelkanth Township and Construction Pvt Ltd vs Urban Infrastructure Trustees Ltd, the National Company Law Appellate Tribunal (NCLAT) held that the Limitation Act, 1963, is not applicable for proceedings under the Insolvency and Bankruptcy Code (IBC), 2016. The NCLAT held, The next ground taken on behalf of the appellant is that the claim of the respondent is barred by limitation, as the debenture matured between 2011-2103, is not based on law.
There is nothing…
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