In a recent National Company Law Appellate Tribunal (NCLAT) ruling of Neelkanth Township and Construction Pvt. Ltd. v. Urban Infrastructure Trustees Ltd.[1] (11.08.2017), several issues with regard to the Insolvency and Bankruptcy Code, 2016[2] (IBC) were discussed. One of the issues for consideration before the NCLAT was whether the application under Section 7 of the IBC is time barred, as the debt claim related to the years 2011, 2012 and 2013 and it was held that the Limitation Act, 1963[3] (Limitation Act) does not apply to IBC. Below we discuss the ruling along with its analysis:
Brief Facts of the Case:
In the present case, an appeal was preferred by the Corporate Debtor (Appellant) against order dated April 21, 2017[4] passed by the…
Read the full article at: http://www.livelaw.in/inapplicability-limitation-act-insolvency-bankruptcy-code/