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

Published On: 12/05/2020

Practice Area: Dispute Resolution


Darpan Bhatia
Sushmita Gandhi
Prapti Kedia
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