SARFAESI Proceedings Don't Extend Limitation for Corporate Insolvency; Recovery Suits and Insolvency Processes Are Separate.

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....Time Limitation - CIRP process - A suit for recovery is a separate and independent proceeding distinct from the remedy of winding-up and therefore the contention of the Learned Counsel appearing for the Respondents/ Financial Creditor that the period spent while pursuing SARFAESI Proceedings should extend the period of limitation, cannot be sustained, as the intent of the Court is not to give a new lease of life to the debt which is already time barred.....