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Section 14 of the Limitation Act cannot be applied to dilute the implication of limitation contained under Section 61 of IBC – Kalyan Muppaneni Vs. K. Computers and Anr. – NCLAT Chennai

The Hon’ble NCLAT held that it could be said that the provisions of the Limitation Act as contemplated to be applied by Section 238A of I & B Code 2016, is general in its applicability and will not cover those provisions where the aspect of Limitation itself, has been self-contained and, hence it cannot be utilized where the limitation is independently prescribed under Section 61, particularly when the legislation intends that the proceedings held under the I & B Code, have to be decided within a specified time frame.

Section 14 of the Limitation Act cannot be applied to dilute the implication of limitation contained under Section 61 of IBC – Kalyan Muppaneni Vs. K. Computers and Anr. – NCLAT Chennai Read Post »

Interest cannot be raised unilaterally in the Insolvency petition under Section 9 of IBC, without prior intimation to the Corporate Debtor – Janus GBAC Ltd. Vs. Beloorbayir Biotech Ltd. – NCLT Bengaluru Bench

Hon’ble NCLT Bengaluru Bench held that for any creditor to claim the interest in the default amount the same should be reflected in either the agreement or the invoices raised against the Corporate Debtor. The interest cannot be raised unilaterally in the Insolvency petition, without prior intimation to the Corporate Debtor.

Interest cannot be raised unilaterally in the Insolvency petition under Section 9 of IBC, without prior intimation to the Corporate Debtor – Janus GBAC Ltd. Vs. Beloorbayir Biotech Ltd. – NCLT Bengaluru Bench Read Post »

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