TagLimitation

Registration under MSMED Act and the SC Ruling in Silpi Industries

[Akansha Uboveja is a 5th year B.A.LLB (Hons.) student at Hidayatullah National Law University in Raipur, Chhattisgarh] The Supreme Court in its judgment dated 29 June 2021 in Silpi Industries v Kerala State Road Transport Corporationsettled the position of law regarding applicability of the Limitation Act, 1963 to arbitration proceedings initiated under section 18(3) of the Micro...

Is There a Period of Limitation Governing CCI Filings?

[Shreya Kapoor is a 2nd year B.A.LL.B. (Hons.) student at National Law University Odisha] In its order dated 4 May 2021 in Neha Gupta v. Tata Motors, the Competition Commission of India (CCI) was presented with allegations of anti-competitive behaviour and abuse of dominance under sections 3 and 4 of the Competition Act (Act). More pertinently, before deciding to order an inquiry into the alleged...

Balance Sheet as Valid Acknowledgement of Debts: Flawed Reasoning to a Judicious Conclusion?

[Malika Tiwari is a 4th year B.Com., LL.B. (Hons.) student at Institute of Law, Nirma University, Ahmedabad] Section 18 of the Limitation Act, 1963 (“the Act”) provides for the admission of debts owed by a debtor to its creditor by providing a written acknowledgement, duly signed by him or his authorised agent. Such an acknowledgement marks the commencement of a fresh period of limitation for the...

Limitation Period for Section 37 Appeals: An Uncertain Affair

[Nitesh Mishra is a 4th year B.A., LL.B. (Hons.) student at National Law University Delhi] The Supreme Court in its recent judgment in Government of Maharashtra v. Borse Brothers Engineers & Contractors Pvt. Ltd. (19 March 2021) has attempted to clarify the law on the applicability and scope of condonation of delays in filing of appeals under section 37 of the Arbitration and Conciliation...

Standards for Application of the Limitation Act to the IBC

[Karan Kamath is an Advocate practicing at Mumbai] In the short span of existence of the Insolvency and Bankruptcy Code (“Code”), the Supreme Court has been called upon on a considerable number of occasions to decide whether the Limitation Act, 1963 (“Act”) is applicable to proceedings under the Code. On March 22, 2021, in another of such decisions, the Supreme Court inched towards settling the...

Applicability of the Limitation Act to the IBC: The Curious Case of Veer Gurjar

[Yashika Gupta is a 5th year B.A., LL.B. (Hons.) student at Hidayatullah National Law University, Raipur] On 14 August 2020, the Supreme Court (“SC”), yet again, cleared the air on the applicability of the Limitation Act, 1963 (“Limitation Act”) to the Insolvency & Bankruptcy Code, 2016 (“the Code”). In Babulal Varsharji Gurjar v. Veer Gurjar Aluminium Industries Pvt. Ltd., it categorically...

Section 61 of the IBC: A Case for Contextual Statutory Interpretation

[Hitoishi Sarkar and Yash More are II year students at Gujarat National Law University, Gandhinagar] Section 61 of the Insolvency and Bankruptcy Code, 2016 provides for appeals from the National Company Law Tribunal (NCLT) to the National Company Law Appellate Tribunal (NCLAT). However, section 61 does not mention, in express terms, any details regarding the mechanism for calculating the...

Supreme Court Reopens the Limitation Period for Enforcement of Foreign Awards

[Smriti Shukla and Yash Raj are third year students of the National University of Study and Research in Law (NUSRL), Ranchi] In the recent judgment of the Supreme Court in Bank of Baroda v. Kotak Mahindra Bank Ltd. (17 March 2020), the question concerned the limitation period for the execution of the foreign decrees under section 44A of the Civil Procedure Code (CPC) in India. In an attempt to...

Supreme Court Rules on Limitation Period for Execution of Foreign Decrees in India

[Ankit Tripathi is a practicing advocate before the Supreme Court and Delhi High Court] In its judgement dated 17 March 2020, the Supreme Court in Bank of Baroda v. Kotak Mahindra Bank Ltd ruled on the limitation period applicable to the execution of foreign decrees in India, after it recorded contrasting views of the different state High Courts on the issue. It held that the limitation period...

Statutory Limitation on Claims under the Micro, Small and Medium Enterprises Development Act – Part II

Should the Limitation Act be applicable? The MSMED Act is aimed at the expeditious resolution of purely commercial disputes where the terms of engagement are decided by private parties and government intervention is intended to secure an efficacious remedy for timely payment. Consequently, the MSMED Act should not be interpreted in a manner that provides remedies that have specifically been...

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