Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Insolvency and Bankruptcy Code |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Act(s) Referred | Limitation Act, 1963 (36 of 1963) Insolvency and Bankruptcy Code, 2016 (31 of 2016) |
Case(s) Referred | Referred Case 0 Referred Case 1 Referred Case 2 Referred Case 3 Referred Case 4 Referred Case 5 Referred Case 6 Referred Case 7 Referred Case 8 Referred Case 9 Referred Case 10 |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Others |
Headnote | Insolvency and Bankruptcy Code, 2016 – s.238A (As insertedby Insolvency and Bankruptcy Code (Second Amendment) Act, 2018w.e.f. 06.06.2018) – s.238A, if retrospective in nature – Held: s.238Abeing clarificatory of law and being procedural in nature, must beheld to be retrospective – Amendment of s.238A would not serve itsobject unless it is construed as being retrospective, as otherwise,applications seeking to resurrect time-barred claims would have tobe allowed, not being governed by the law of limitation – LimitationAct, 1963.Insolvency and Bankruptcy Code, 2016 – s.238A (As insertedby Insolvency and Bankruptcy Code (Second Amendment) Act, 2018w.e.f. 06.06.2018) and ss.7 & 9 – Application for initiation of‘Corporate Insolvency Resolution Process’ – Whether Limitation Act,1963 will apply to applications that are made u/s.7 and/or s.9 ofthe Code on and from its commencement on 01.12.2016 – Held:Since, Limitation Act is applicable to applications filed u/ss. 7 and9 of the Code from the inception of the Code, Art.137 of the LimitationAct gets attracted – “The right to sue”, therefore, accrues when adefault occurs – If the default has occurred over three years priorto the date of filing of the application, the application would bebarred u/Art.137 of the Limitation Act, save and except in thosecases where, in facts of the case, s.5 of the Limitation Act may beapplied to condone delay in filing such application – LimitationAct, 1963 – Art.137 and s.5. |
Judge | Hon'ble Mr. Justice R.F. Nariman |
Neutral Citation | 2018 INSC 956 |
Petitioner | B. K. Educational Services Private Limited |
Respondent | Parag Gupta And Associates |
SCR | [2018] 12 S.C.R. 794 |
Judgement Date | 2018-10-11 |
Case Number | 23988 |
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