Limitation Act, 196311, which prescribes
limitation of 12 years; and (b) that though the
limitation to file an application under Section 7 of
10
Section ... IBC
in the year 2018 i.e., 02 years after IBC
came into force. The mala fide intention to
initiate proceedings under IBC also
There is no specific
period of limitation prescribed under the Limitation Act, 1963 for an
application filed under IBC. Consequently Article 137 of the Limitation ... file an application under Section 7 IBC after
dismissal of the suit for want of jurisdiction, that
application under Section 7 IBC would be time
barred
by limitation.
16. Elaborating further it is submitted that the Limitation Act, 1963 is
applicable to the proceedings under the IBC by virtue ... limitation. The difference is that
an acknowledgment under Section 18 of the Limitation Act
has to be made within the period of limitation and need
squarely applicable to the facts of this case. Under Section 61(2) IBC, the
limitation period for filing an appeal before this Tribunal commences from ... proceedings under IBC; and (ii) is the annexation of a certified copy
mandatory for an appeal to NCLAT against an order passed under IBC
-- must
squarely applicable to the facts of this case. Under Section 61(2) IBC, the
limitation period for filing an appeal before this Tribunal commences from ... proceedings under IBC; and (ii) is the annexation of a certified copy
mandatory for an appeal to NCLAT against an order passed under IBC
-- must
filed by the Appellant under
Section 9 of the IBC was disposed of by Ld. Hon'ble National Company Law
Company Appeal (AT) (Insolvency ... section."
43. Appellant contends that there is no statutory mandate under the
Limitation Act, 1963 or the NCLT Rules, 2016, requiring a formal application
outset we take notice that the limitation period for filing an
appeal under Section 61(2) of the IBC is 30 days, which period ... proceedings
under IBC; and (ii) is the annexation of a certified copy mandatory for an
appeal to NCLAT against an order passed under IBC must
Tribunal observed as follows:
"5. The limitation period for filing a Section 9 Petition under IBC is 3
years or 36 months ... principal borrower had laid
C.P.4442 of 2018 under Sec.10 IBC), then limitation would expire on
19.11.2021. And, even if the second part
earlier Judgment of V. Nagarajan (supra), is that the
limitation under Section 61(2) of IBC shall commence from the date ... period
of limitation, provided the appellant applies within the prescribed period of
limitation under Section 61(2) of the IBC.''
18. Owing
terms of the statutory provision of IBC, the limitation period for filing
an appeal under Section 61(2) of the IBC is 30 days, which ... proceedings under IBC; and (ii) is the annexation of a
certified copy mandatory for an appeal to NCLAT against an order
passed under IBC must
