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of <h1>NCLAT Rules Insolvency Application Timely, Highlights Interplay Between Insolvency and Bankruptcy Code and Limitation Act.</h1> The case between a financial institution and a corporate guarantor highlights key issues in corporate insolvency law, particularly the interplay between the Insolvency and Bankruptcy Code, 2016 (IBC), and the Limitation Act, 1963. The National Company Law Appellate Tribunal (NCLAT) addressed whether an insolvency application was time-barred. Initially dismissed by the Tribunal due to limitation issues, the NCLAT ultimately directed the Tribunal to admit the application, emphasizing that the application was within the limitation period. This decision underscores the importance of adhering to limitation periods in insolvency proceedings and clarifies the role of appellate tribunals in such matters.
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