https://www.taxtmi.com/caselaws?id=404904 Recovery proceedings were not treated as suspended under Section 22(1) of SICA because the creditor was not part of the sanctioned rehabilitation scheme and had already sought permission to pursue civil remedies. On those facts, the period spent in SICA proceedings was also not excluded from limitation under Section 22(5), since the creditor was not entitled to the statutory benefit of suspension or exclusion. As a result, the insolvency application under Section 9 of the Insolvency and Bankruptcy Code was held time-barred and the rejection order was left undisturbed. en-us Fri, 05 Mar 2021 00:00:00 +0530 Sat, 06 Mar 2021 09:46:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404904 Recovery proceedings were not treated as suspended under Section 22(1) of SICA because the creditor was not part of the sanctioned rehabilitation scheme and had already sought permission to pursue civil remedies. On those facts, the period spent in SICA proceedings was also not excluded from limitation under Section 22(5), since the creditor was not entitled to the statutory benefit of suspension or exclusion. As a result, the insolvency application under Section 9 of the Insolvency and Bankruptcy Code was held time-barred and the rejection order was left undisturbed. Case-Laws Insolvency and Bankruptcy Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404904