NCLAT: Section 43(1) of IBC applicable when Corporate Debtor has given a preference in transaction  ||  AP HC Declines Stay on Govt. Memo Permitting Higher Rate for Premiere of Pushpa 2 Movie  ||  SC: Amended Regulations Not Bind State University Affiliated Institutions without State Adoption  ||  MP High Court Issues Guidelines for Safe Travel of School Children  ||  Cal. HC: Bail Cannot be Denied on Account of Restrictive Statutory Provisions in Penal Statute  ||  SC: Police Verification Report of Selected Candidates Must be filed within 6 Months of Appointment  ||  SC: Intent of S.50 is to Inform Suspect of Option to be Taken to Officer Other Than Search Party  ||  SC: Amended Regulations Not Bind State University Affiliated Institutions without State Adoption  ||  Rajya Sabha Passes the ‘Bharatiya Vayuyan Vidheyak, 2024’  ||  Del. HC: It’s a Disturbing Trend of Exploiting Social Media Platforms for Committing Sexual Offences    

Axis Bank Limited Vs. Naren Sheth and Ors. - (Supreme Court) (12 Sep 2023)

Fresh period of limitation shall be computed from the time when the acknowledgment is signed

MANU/SC/1017/2023

Limitation

Present appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016, has been filed assailing the correctness of judgment and order of National Company Law Appellate Tribunal, whereby the Company Appeal filed by the Appellant was dismissed upholding the judgment and order passed by the Adjudicating Authority, admitting the application under Section 7 of the IBC after condoning the delay.

Section 3(1) of the Limitation Act creates bar for the institution of any suit, appeal, or application made after the prescribed period of limitation to be dismissed, even though limitation has not been set up as a defence.

Section 5 of the Limitation Act provides for an extension for the prescribed period in certain cases where sufficient cause for not preferring the appeal or where the application could not be made within the prescribed time. Section 18 of the Limitation Act provides that, where acknowledgment in writing of the liability is made by a party against whom any right is claimed, a fresh period of limitation shall be computed from the time when the acknowledgment is so signed.

The Adjudicating Authority as well as NCLAT have accepted the explanation of Respondent No. 2 for the delay caused in filing the Section 7 IBC petition to be satisfactory and have condoned the same. Secondly, in view of the first and second OTS proposals by the Corporate Debtor being not questioned by the suspended Directors, there is no reason to disbelieve or to cast any doubt on the said documents at the instance of the Appellant. There is no merit in the appeal. Appeal dismissed.

Tags : APPLICATION   ADMISSION   DELAY  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved