Infolex Newsalert : Limiting the limitation: The curious case of Limitation Act and IBC.

Published On: 12/05/2020

Authors:

Darpan Bhatia
Sushmita Gandhi
As the jurisprudence pertaining to insolvency and bankruptcy in India continues to develop over time, the applicability of the Limitation Act to the proceedings under the I&B Code gives birth to a fresh set of challenges. INDUSLAW's Sushmita Gandhi Darpan Bhatia and Prapti Kedia discuss the interplay between #IBC and #LimitationAct in light of the #NCLAT judgment in Ishrat Ali Vs. Cosmos Cooperative Bank Ltd. & Anr. and V. Padmakumar Vs. Stressed Assets Stabilisation Fund (SASF) & Anr. on the acknowledgment of debt in the books of accounts and initiation of a fresh period of limitation in terms of Section 18 of the Limitation Act