Applicability of Limitation Act to Insolvency Applications: NCLT carves out exception

Varun Marwah February 11 2019
false affidavit, Monnet Ispat

The Mumbai Bench of NCLT has held that, a debt that is barred by limitation can be proceeded against under provisions of the Insolvency and Bankruptcy Code (IBC), if the debt continued to be recorded in the books of the corporate debtor.

The Supreme Court in in the case of B.K. Educational Services Private Limited Vs. Parag Gupta & Associates held that Limitation Act, 1963 will apply to proceedings under the IBC . . .

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