[Mihir Modi is an Associate with PSL Advocates and Solicitors in Mumbai] According to the Limitation Act 1963 (‘the Limitation Act’), there is a set time limit for filing appeals and instituting lawsuits in various courts. The Limitation Act is based on the idea that there must be a strict time limit for bringing appropriate actions in the courts. In doing so, it protects only the diligent...
Perpetuating an Anomaly: What is the “Prescribed Period” for Challenging an Arbitral Award?
[Rhythm Buaria is an advocate practicing commercial and matrimonial disputes before courts in Delhi] The Supreme Court in Bhimashankar Sahakari Sakkare Karkhane Niyamita v. Walchandnagar Industries Ltd. (WIL) held that a challenge to an arbitral award under section 34 of the Arbitration and Conciliation Act, 1996 cannot be entertained under the proviso to section 34(3) even if the 30-day period...
Strict Timeline for Filing an Appeal Under the IBC Regime
[Megha Shaw is a final year law student at WBNUJS Kolkata] Section 61(2) of the Insolvency and Bankruptcy Code, 2016, (Code) provides a limitation period of 30 days from the date of the NCLT order to allow the aggrieved party to file an appeal in the NCLAT. The NCLAT has the power to condone further delay, not exceeding 15 days, in addition to the 30 days, if the appellate tribunal is satisfied...
Resolving the Conundrum of Decree-holding Homebuyers under the IBC
[Anand Singh is a 3rd-year student of Hidayatullah National Law University (HNLU), Raipur] Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) allows financial creditors to initiate a corporate insolvency resolution process (“CIRP”) against a corporate debtor. However, whether a decree or recovery certificate holder falls under the said provision has always remained an open question...
Law Over Equity in Condonation of Delay under the IBC
[Anumeha Smiti is a final year B.A.LL.B (Hons.) student at National University of Study and Research in Law, Ranchi] In the recent matter of National Spot Exchange Limited v. Mr Anil Kohli, Resolution Professional for Dunar Foods Limited (14 September 2021), the Supreme Court reiterated the position of law on condonation of delay by the National Company Law Appellate Tribunal [NCLAT] under...
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...
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