The case involves an application filed by L & T Finance Limited against Ramji Dass Darshan Kumar Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The petitioner's counsel conceded that the petition is barred by limitation, referencing a Supreme Court judgment (B.K Educational Services Pvt. Ltd. v. Parag Gupta and Associates) which recognized the applicability of the Limitation Act to the IBC. The default occurred in June-July 2013, and arbitration awards were passed between August 2014 and January 2015. The application was filed on 07.06.2018.
L & T Finance Limited filed an application against Ramji Dass Darshan Kumar Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The default occurred in June-July 2013. Arbitration awards were passed between August 2014 and January 2015. The application was filed on 07.06.2018. The petitioner's counsel conceded that the petition was barred by limitation, citing the applicability of the Limitation Act to IBC proceedings, as per a Supreme Court judgment. The NCLAT order stated that the limitation period would apply from 01.12.2016, the date the I&B Code came into effect. The court noted that the defaulted amount claimed belonged to the period of June/July-2013 and the arbitration awards were passed in August, 2014 to January, 2015.
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The default by Ramji…
Arbitration awards were…
The case involves an application filed by L & T Finance Limited against Ramji Dass Darshan Kumar Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The petitioner's counsel conceded that the petition is barred by limitation, referencing a Supreme Court judgment (B.K Educational Services Pvt. Ltd. v. Parag Gupta and Associates) which recognized the applicability of the Limitation Act to the IBC. The default occurred in June-July 2013, and arbitration awards were passed between August 2014 and January 2015. The application was filed on 07.06.2018.
L & T Finance Limited filed an application against Ramji Dass Darshan Kumar Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The default occurred in June-July 2013. Arbitration awards were passed between August 2014 and January 2015. The application was filed on 07.06.2018. The petitioner's counsel conceded that the petition was barred by limitation, citing the applicability of the Limitation Act to IBC proceedings, as per a Supreme Court judgment. The NCLAT order stated that the limitation period would apply from 01.12.2016, the date the I&B Code came into effect. The court noted that the defaulted amount claimed belonged to the period of June/July-2013 and the arbitration awards were passed in August, 2014 to January, 2015.
The default by Ramji…
Arbitration awards were…