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SC: Application Under Section 7 IBC Can Claim Benefit of Section 14 Limitation Act - (24 Mar 2021)

INSOLVENCY

Supreme Court has held that in an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 the applicant can claim the benefit of Section 14 of the Limitation Act, 1963 in respect of proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Act, 2002. The Court has held that there is no rule that the exclusion of time under Section Interest 14 is available, only after the proceedings before the wrong forum terminate.

Tags : SUPREME COURT BENEFIT OF SECTION 14 LIMITATION ACT

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