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.