Insolvency and Bankruptcy Code, 2016 – Non-entertainability of time-barred debts under S. 238-A read with S. 7. Denial of Condonation of delay when delay is highly excessive i.e. nearly 15 years and debt barred by limitation
Art. 137 of the Limitation Act gets attracted to applications filed under Ss. 7 and 9 IBC. The right to sue accrues when a default occurs, and if that default has occurred over three years prior to the date of filing of an application under S. 7 IBC, the application would be barred under Art. […]