Insolvency and Bankruptcy Code: s.7 – Limitation – An application under s.7 of the Code does not purport to be an application to enforce any mortgage liability – It is an application made by a financial creditor stating that a default, as defined under the Code, has been made, which default amounts to Rs. 1,00,000/or more which then triggers the application of the Code – The date of coming into force of the IBC Code does not and cannot form a trigger point of limitation for applications filed under the Code – Equally, since “applications” are petitions which are filed under the Code, it is Art.137 of the Limitation Act which will apply to such applications – The judgment under appeal set aside and matter remitted for determination afresh – Limitation Act – Art.137. B. K. Educational Services Private Limited v. Parag Gupta and Associates 2018 SCC OnLine SC 1921 – relied on.
As published in the Supreme Court Reports, Supreme Court of India. Text from the Indian Supreme Court Judgments open data set (Dattam Labs), CC BY 4.0.
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