The appeals concern the applicability of Section 238A of the Insolvency and Bankruptcy Code (IBC), 2016, which incorporates the Limitation Act, 1963, to proceedings under Sections 7 and 9 of the IBC. The National Company Law Appellate Tribunal (NCLAT) had previously ruled that the Limitation Act does not strictly apply to the initiation of Corporate Insolvency Resolution Process (CIRP) but that the doctrine of limitation and prescription should be considered. The appellants argue that Section 238A is clarificatory and should be applied retrospectively, while the respondents contend that the IBC is a complete code and the Limitation Act should not apply.
B.K. Educational Services Private Limited filed appeals concerning the applicability of Section 238A of the Insolvency and Bankruptcy Code (IBC), 2016, which incorporates the Limitation Act, 1963, to proceedings under Sections 7 and 9 of the IBC. The appeals arose because the National Company Law Appellate Tribunal (NCLAT) had previously ruled that the Limitation Act does not strictly apply to the initiation of Corporate Insolvency Resolution Process (CIRP) but that the doctrine of limitation and prescription should be considered. The appellants argued that Section 238A is clarificatory and should be applied retrospectively, while the respondents contended that the IBC is a complete code and the Limitation Act should not apply. The core issue revolves around whether
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The appeals concern the applicability of Section 238A of the Insolvency and Bankruptcy Code (IBC), 2016, which incorporates the Limitation Act, 1963, to proceedings under Sections 7 and 9 of the IBC. The National Company Law Appellate Tribunal (NCLAT) had previously ruled that the Limitation Act does not strictly apply to the initiation of Corporate Insolvency Resolution Process (CIRP) but that the doctrine of limitation and prescription should be considered. The appellants argue that Section 238A is clarificatory and should be applied retrospectively, while the respondents contend that the IBC is a complete code and the Limitation Act should not apply.
B.K. Educational Services Private Limited filed appeals concerning the applicability of Section 238A of the Insolvency and Bankruptcy Code (IBC), 2016, which incorporates the Limitation Act, 1963, to proceedings under Sections 7 and 9 of the IBC. The appeals arose because the National Company Law Appellate Tribunal (NCLAT) had previously ruled that the Limitation Act does not strictly apply to the initiation of Corporate Insolvency Resolution Process (CIRP) but that the doctrine of limitation and prescription should be considered. The appellants argued that Section 238A is clarificatory and should be applied retrospectively, while the respondents contended that the IBC is a complete code and the Limitation Act should not apply. The core issue revolves around whether
…The Insolvency and…
The National Company Law Appellate Tribunal…