Limitation Act applies to all Creditor Filings under IBC, Supreme CourtOctober 11 2018
While quashing a judgment passed by the NCLAT, the Supreme Court today held that the Limitation Act will continue to apply to applications filed by creditors, and if three years have passed since the date of default, the application would be barred.
“The right to sue, therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of filing of the application, the application would be barred under Article 137 of the Limitation Act, save and except in those cases where . . .
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