For mortgage of property, 12 years limitation has been prescribed under Article 62 of Part V of First Division of the Schedule of the Limitation Act, 1963- Mr. A. Maheshwaran Vs. Stressed Assets Stabilization Fund & Anr. – NCLAT
NCLAT referred Innoventive Industries Ltd. v. ICICI Bank, (2018) 1 SCC 407] judgment and held that it is evident that even if a debt is disputed, if the amount is more than Rupees One Lakh, the application under Section 7 is maintainable. What is the exact amount of claim, that is only considered at the stage of the ‘Corporate Insolvency Resolution Process’, when the ‘Interim Resolution Professional’ after collating the claims, including the claim of the Respondent, may ascertain what amount is payable to the Respondent.
