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HC determined that moratorium period under IBC Section 14 must be excluded when calculating limitation period for restoration applications under CPC Order IX Rule 9. During moratorium (14.05.2018 to 28.11.2019), Ex-Directors/Management lacked legal authority to pursue civil litigation. Court rejected argument that moratorium applied only to proceedings against Corporate Debtor. Despite delay between IRP instructions (05.10.2018) and application filing (06.12.2018), Court condoned delay considering company's successful Corporate Insolvency Resolution Process. Impugned order set aside, matter remanded to Trial Court for further proceedings. Appeal allowed with moratorium period exclusion principle established for restoration applications.
HC determined that moratorium period under IBC Section 14 must be excluded when calculating limitation period for restoration applications under CPC Order IX Rule 9. During moratorium (14.05.2018 to 28.11.2019), Ex-Directors/Management lacked legal authority to pursue civil litigation. Court rejected argument that moratorium applied only to proceedings against Corporate Debtor. Despite delay between IRP instructions (05.10.2018) and application filing (06.12.2018), Court condoned delay considering company's successful Corporate Insolvency Resolution Process. Impugned order set aside, matter remanded to Trial Court for further proceedings. Appeal allowed with moratorium period exclusion principle established for restoration applications.
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