The Bombay High Court recently held that an instrument, viz. Memorandum of Family Arrangement executed among family members recording an antecedent title to the immovable property does not amount to ...
Published On: 01/09/2017
Practice Area: Banking & Finance, Corporate & Commercial, Dispute Resolution
Authors:
Lomesh Kiran Nidumuri
Krutika Raghavan
In a recent judgment, the National Company Law Appellate Tribunal, New Delhi (the 'NCLAT') held that the provisions of the Limitation Act, 1963 (the 'Limitation Act') do not apply to proceedings initiated under the Insolvency and Bankruptcy Code, 2016 (the 'Code'). The judgment will have far reaching consequences as it means that a creditor can sue a corporate debtor under the Code, even though the debt is barred by time.
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