2020 (11) TMI 550

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.....09.2020 passed by the Adjudicating Authority (National Company Law Tribunal), Indore Bench at Ahmedabad, Court-1, whereby and whereunder, its application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) has been rejected for being hit by limitation. The Appellant assails the impugned order primarily on the ground of there being an acknowledgment on the part of the Corporate Debtor in the form of revival letter extending the period of limitation which is said to have been overlooked by the Adjudicating Authority while passing the impugned order. 2. Shri Arun Kathpalia, Senior Advocate representing the Appellant has referred to Annexure A-14 to appeal paper book (page 687) which is a One Time Settlement pro....

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....f the 'I&B Code' before the Adjudicating Authority on 19.09.2018 was dismissed on 10.06.2014 in terms of the impugned order on the ground that the same was barred by limitation. It is well settled by now that the provisions of the Limitation Act, 1963 were applicable to proceedings under 'I&B Code' from its very inception and the provisions of Section 238A introduced subsequently are merely clarificatory in nature. The Hon'ble Apex Court has, in a catena of authorities held that the applications under Sections 7 and 9 of the 'I&B Code' not being a suit are governed under the residuary provision engrafted in Article 137 of the Limitation Act which prescribes a period of three years as limitation. In "B.K. Educational Services Private Limited....