Applicability of Limitation act on Insolvency and Bankruptcy Code

Applicability of Limitation act on Insolvency and Bankruptcy Code

Any new advancement, be it in the field of law or any other form of art or science, would require time as it is to be understood, accepted, settled and interpreted. The new legal framework on insolvency and bankruptcy has brought a catena of changes in the prior existent law. To understand it all, it is to be interpreted by our Hon’ble Judges of NCLT, NCLAT and Supreme Court, veteran lawyers and amicus curiae. One of the major issue which is doing round these days is the issue of applicability of Limitation Act, 1963 on I&B Code, 2016. To understand this issue we need to look into the case laws in which this issue arose but was only settled by NCLAT in following cases wherein a common judgment was passed:

i. M/s. Speculum Plast Pvt. Ltd. Vs. PTC Techno Pvt. Ltd.,

ii. Parag Gupta & Associates Vs. B.K. Educational Services Pvt. Ltd.,

iii. Ashlay Infrastructure Pvt. Ltd. Vs. LDS Engineers Pvt. Ltd.