Section 7 IBC application not barred by limitation even if filed 3 years after Corporate Debtor's loan account declared as NPA: Supreme Court

The Supreme Court on Wednesday held that an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) would not be barred by limitation, on the ground that it was filed beyond a period of three years from the date of declaration of the loan account of the Corporate Debtor as Non-Performing Asset (NPA) [Dena Bank vs C Shivakumar Reddy].