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Function: library

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File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
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Function: library

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File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
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Function: library

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File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
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File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
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Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
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Function: require_once

IBC- Article 137 Limitation Act Applies To Section 7 Applications; Not Article 62
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IBC- Article 137 Limitation Act Applies To Section 7 Applications; Not Article 62

02 Oct 2019 07:45 pm

The Supreme Court has held that Article 62 of the Limitation Act would only apply to suits and not to "an application" which is filed under Section 7 of the Insolvency and Bankruptcy Code, which would fall only within the residuary Article 137.

The bench of Justice Rohinton Fali Nariman, Justice R. Subhash Reddy and Justice Surya Kant was considering an appeal against the NCLT order [upheld by NCLAT] that admitted a Section 7 application on the ground that, as per article 62, the limitation period was 12 years from the date on which the money sued has become due. Before NCLT, a Section 7 application was filed seeking to recover the original debt together with interest which now amounted to about 124 Crores of rupees.

Gaurav Hargovindbhai Dave vs Asst Reconstruction Company
Civil appeal no. 4952 of 2019


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