NCLT Rules Application for Insolvency Process Time-Barred Due to Expired Limitation Period in MoU Breach Case.

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....Initiation of CIRP - period of limitation - NCLT admitted the application - The time is not the essence of contract with regard to sale of immovable property, unless there are special features and terms and conditions in the contract, which makes the time as essence of the contract - the right to sue accrued to Respondent for breach of Clause-10 of the MoU dated 25.01.2013 on 25.07.2013, thereafter on 25.01.2016 and the application filed on 06.11.2020 is clearly barred by time. - AT....