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AIR 2020 SC 4668
::2020 (5) ADR 461
Supreme Court Of India
Hon'ble Judge(s):
A. M. Khanwilkar,
Dinesh Maheshwari
, JJ
(A) Insolvency and Bankruptcy Code (31 of 2016) , S.7, S.238A— (as inserted by Second Amendment Act 26 of 2018) Limitation Act (36 of 1963) , Art.62, Art.137— Initiation of Corporate Insolvency Resolution Process (CIRP) - Limitation - For application under S. 7, limitation under Art. 137 of Limitation Act is applicable which commences from date of default - Period of limitation related to mortgage liability not applicable to application under S.7 - Hence, application seeking initiation of CIRP in respect of corporate debtor with specific assertion of date of default filed much later than period of three years from date of default - Is barred by limitation. (Para 38) (B) Insolvency and Bankruptcy Code (31 of 2016) , S.7— Limitation Act (36 of 1963) , S.18, Art.137— Initiation of Corporate Insolvency Resolution Process - Application for - Limitation - For application under S. 7, limitation under Art. 137 of Limitation Act is applicable which commences from date of default - Applicant never came out with any pleading other than stating date of default in application - No case for extension of period of limitation is available to be examined - S. 18 of Limitation Act providing for extension of period of limitation upon acknowledgement of debt, not attracted. ....
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