https://www.taxtmi.com/caselaws?id=360172 The Appellate Tribunal overturned the Adjudicating Authority's decision to reject an application under Section 433 of the Companies Act, 1956, transferred to it under the Insolvency and Bankruptcy Code, 2016, based on limitation grounds. Emphasizing the importance of the Doctrine of Limitation and Prescription, the Tribunal clarified that while the Limitation Act, 1963 does not apply to initiating the corporate insolvency resolution process, delays in filing applications under Sections 7 or 9 of the I&B Code must be justified to avoid stale claims triggering the process. The case was remitted back for reconsideration with instructions to ensure compliance with relevant rules and procedures. en-us Thu, 22 Mar 2018 00:00:00 +0530 Fri, 11 May 2018 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360172 The Appellate Tribunal overturned the Adjudicating Authority's decision to reject an application under Section 433 of the Companies Act, 1956, transferred to it under the Insolvency and Bankruptcy Code, 2016, based on limitation grounds. Emphasizing the importance of the Doctrine of Limitation and Prescription, the Tribunal clarified that while the Limitation Act, 1963 does not apply to initiating the corporate insolvency resolution process, delays in filing applications under Sections 7 or 9 of the I&B Code must be justified to avoid stale claims triggering the process. The case was remitted back for reconsideration with instructions to ensure compliance with relevant rules and procedures. Case-Laws Insolvency and Bankruptcy Thu, 22 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360172