IBC limitation under Article 137 bars a section 9 application filed after three years without condonation of delay.

An application under section 9 of the Insolvency and Bankruptcy Code, 2016 is governed by Article 137 of the Limitation Act, 1963 from the inception of the Code. The limitation period begins when default occurs, and if the default is more than three years old at the time of filing, the application is time-barred unless delay is condoned under section 5 of the Limitation Act. As no condonation application was filed and the claim was brought after the limitation period, the application was dismissed as not maintainable.

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Issues: Whether the application under section 9 of the Insolvency and Bankruptcy Code, 2016 was barred by limitation.

Analysis: The application was filed more than three years after the last payment and beyond the limitation period applicable to insolvency applications. No application for condonation of delay was filed. The limitation period under Article 137 of the Limitation Act, 1963 governs applications under the Code from the inception of the Code, and the right to sue accrues on default. If the default is older than three years, the application is barred unless delay is condoned under section 5 of the Limitation Act, 1963.

Conclusion: The application was barred by limitation and was dismissed as not maintainable.

Ratio Decidendi: An application under section 9 of the Insolvency and Bankruptcy Code, 2016 is subject to Article 137 of the Limitation Act, 1963, and where default occurred more than three years before filing without condonation of delay, the application is barred.

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