Supreme Court sets aside insolvency proceedings against Jignesh Shah owned La-Fin on account of limitation

Shruti Mahajan September 26 2019
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The Supreme Court on Wednesday set aside an order of the National Company Law Appellate Tribunal (NCLAT) on account of the law of limitation. The NCLAT had allowed insolvency proceedings against La-Fin Financial Services, owned by Jignesh Shah.

While allowing the appeal against the NCLAT order filed by Jignesh Shah, the Bench of Justices Rohinton Nariman, R Subhash Reddy, and Surya Kant observed that the winding up petition is time-barred and subject to the provisions of the Limitation Act.

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