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The IBC does not exclude the application of Sections 6 or 14 or 18 or any other provision of the Limitation Act, 1963 to proceedings under the Insolvency and Bankruptcy Code, 2016 in the NCLT/NCLAT | All the provisions of the Limitation Act are applicable to proceedings in the NCLT/NCLAT, to the extent feasible – Sesh Nath Singh & Anr Vs. Baidyabati Sheoraphuli Co-Operative Bank Ltd And Anr. – Supreme Court

This judgment covers:
A. Interpretation of Section 238A of IBC and applicability of provision of Limitation Act to proceedings under the IBC.
B. Interpretation of the words ‘as far as may be’ used in Section 238A of the IBC.
C. Basis of Condonation of delay in filing of Application/Appeal.
D. Requirement of Formal Application for condonation of delay in filing of Application/Appeal.
E. Various aspect of applicability of Section 14 of the Limitation Act, 1963 in respect to IBC.
E.1. IBC does not exclude the operation of Section 14 of the Limitation Act, 1963.
E.2. Proceedings under the SARFAESI Act, 2002 are civil proceedings.
E.3. Proceedings under the SARFAESI Act, 2002 would qualify for exclusion under Section 14 of the Limitation Act?
E.4. Whether the expression ‘Court’ in Section 14(2) of Limitation Act includes any forum under the SARFAESI Act?
E.5 Whether exclusion of time under Section 14 of the Limitation Act, would only be available if the proceedings had ended?
F. Other: Dispute irrelevant for IBC Section 7 proceedings.
G. Conclusion and
H. Disposed of.

The IBC does not exclude the application of Sections 6 or 14 or 18 or any other provision of the Limitation Act, 1963 to proceedings under the Insolvency and Bankruptcy Code, 2016 in the NCLT/NCLAT | All the provisions of the Limitation Act are applicable to proceedings in the NCLT/NCLAT, to the extent feasible – Sesh Nath Singh & Anr Vs. Baidyabati Sheoraphuli Co-Operative Bank Ltd And Anr. – Supreme Court Read Post »

The period from date of notice u/s 13(2) of SARFEASI Act to date of order passed by the court will be excluded for filing application u/s 7- Sesh Nath Singh Vs. Baidyabati Sheoraphuli Cooperative Bank Ltd-NCLAT

As per Section 14(2) of Limitation Act in computing the period of limitation the time during which the respondent has been prosecuting with due diligence another civil proceedings against the corporate debtor for the same relief shall be excluded. The period from date of notice under Section 13(2) of SARFEASI Act) to when the Kolkata High Court has passed the order against the Respondent will be excluded and if this period of 3 years and 6 months is excluded then the application filed under Section 7 of the I&B Code is within limitation period.

The period from date of notice u/s 13(2) of SARFEASI Act to date of order passed by the court will be excluded for filing application u/s 7- Sesh Nath Singh Vs. Baidyabati Sheoraphuli Cooperative Bank Ltd-NCLAT Read Post »

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