18 Nov 2019
GAURAV HARGOVINDBHAI DAVE Appellant(s) VERSUS ASSET RECONSTRUCTION COMPANY (INDIA)LTD.& ANR.Respondent(s)...
1) NCLAT: AA Has Inherent Power To Grant Ad-Interim Relief Prior To Admission of CIRP (NUI Pulp and Paper Industries Pvt. Ltd. vs. Roxcel Trading GMBH (17.07.2019 - NCLAT)
2) Petitions filed u/s 7,9 and 10 of IBC are "applications" filed under the Code, it is Article 137 of the Limitation Act which will apply to such applications. (SAGAR SHARMA & ANR. Appellant(s) VERSUS PHOENIX ARC PVT. LTD. & ANR. CIVIL APPEAL NO. 7673 OF 2019, Supreme Court Of India.
IBC- Article 137 Limitation Act Applies To Section 7 Applications; Not Article 62
GAURAV HARGOVINDBHAI DAVE Appellant(s) VERSUS ASSET RECONSTRUCTION COMPANY (INDIA)LTD.& ANR.Respondent(s)
CIVIL APPEAL NO. 4952 OF 2019 , Supreme Court of India
"what is apparent is that Article 62 is out of the way on the ground that it would only apply to suits. The present case being "an application" which is filed under Section 7, would fall only within the residuary article 137. As rightly pointed out by learned counsel appearing on behalf of the appellant, time, therefore, begins to run on 21.07.2011, as a result of which the application filed under Section 7 would clearly be time-barred".