TagLimitation

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...

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 run their small-scale operations. The Interest on Delayed...

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 of arbitration, has long been debated...

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 IBC was introduced as a complete code, with the object of...

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, the Supreme Court laid down the law on the applicability of Article 137 of the...

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...

Retrospective Operation of the Limitation Act: Impact on Insolvency Proceedings

[Vaidehi Soni and Pulkit Khare are 4th year B.A., LL.B. (Hons.) students at The National University of Advanced Legal Studies, Kochi] Background The Insolvency Bankruptcy Code, 2016 (“Code”) allows creditors to approach the adjudicating authority, being the National Company Law Tribunal (“NCLT”), to seek a collective procedure for insolvency resolution. However, there were rising concerns before...

Adherence to Timelines in the Insolvency Resolution Process

[Medhashree Verma is a 2nd year B.B.A, LL.B. student at National Law University Odisha, Cuttack] One of the main objectives behind the enactment of the Insolvency and Bankruptcy Code, 2016 (the “Code”) was to provide for a speedy system for resolution of stressed companies. A healthy insolvency regime requires fast insolvency resolution for minimising creditors’ losses and maximising the asset...

Supreme Court on Delay in Filing Appeal from Orders of the NCLT

[Maneck Mulla is the Proprietor of M Mulla Associates, Mumbai] In Bengal Chemists and Druggist Association Vs Kalyan Chowdhury, the Supreme Court discussed the provisions of section 421 of the Companies Act, 2013 (the Act) which provides for filing of an appeal from orders of the National Company Law Tribunal (NCLT) within a period of 45 days with a further grace period of 45 days, (i.e. 90...

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