Tag: Limitation
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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
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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
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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
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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
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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
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Statutory Limitation on Claims under the Micro, Small and Medium Enterprises Development Act – Part I
[Shinoj Koshy and Purvi Khanna are at L&L Partners, Delhi] One of the foremost requirements for the Micro, Small and Medium Enterprise (MSME) industry is the availability of credit and shorter working capital cycles. The working capital cycle of an MSME is the time taken to convert its receivables into cash, which is essential to
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Delhi High Court on Limitation Period under Section 8, Arbitration And Conciliation Act
[Piyush Agrawal and Radhika Agrawal are 3rd year students at the Hidayatullah National Law University, Raipur] Whether or not the limitation period is applicable to section 8 of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”) is an unsettled principle. The peculiarity of the statute of limitation being enforceable in courts, but not in matters
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Applicability of the Limitation Act to the Insolvency and Bankruptcy Code
[Vivek Kumar is a Legal Manager at Alchemist Asset Reconstruction Company Limited and Akshay Sharma a 5th year law student at the National University for Study and Research of Law, Ranchi] The applicability of the Limitation Act, 1963 has been a well-traversed issue since the inception of the Insolvency and Bankruptcy Code, 2016 (IBC). The
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Limited Period for Winding up Proceedings during Pendency of a Civil Suit
[Aman Saxena is a practicing advocate at the High Court of Chhattisgarh and a 2018 graduate of the National Law School of India University. The author was one of the counsel retained by the petitioners for this matter] In a judgment delivered by a three-judge bench in Jignesh Shah & Anr. v. Union of India,
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Supreme Court on the Applicability of the Limitation Act to Insolvency Proceedings
[Surbhi Jaju and Pulkit Chaturvedi are associates at Lakshmikumaran and Sridharan Attorneys] Introduction The conundrum of whether the Limitation Act, 1963 (‘Limitation Act’) applies to the proceedings initiated under the Insolvency and Bankruptcy Code, 2016 (‘Code’) has confused the stakeholders since the inception of the Code. The Code was formulated primarily to provide a mechanism to creditors
