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of <h1>Omission of Section 255 Companies Act shifts limitation rules for sick company cases to Insolvency and Bankruptcy Code</h1> Section 255 of the Companies Act, 2013, which previously governed exclusion of certain periods in computing limitation for suits or applications on behalf of a company undergoing proceedings to be declared 'sick,' has been omitted by the Insolvency and Bankruptcy Code, 2016 with effect from 15 November 2016. Earlier, it provided that, notwithstanding the Limitation Act, 1963 or other laws, the period during which a stay order under section 253(3) was in force would be excluded when calculating limitation for such proceedings. This omission aligns with the shift of revival and rehabilitation of sick companies to the insolvency framework.
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