IBC 2016: Limitation period of section 42 not applicable to Application filed U/s. 60(5)

SICOM Limited Vs Sundaresh Bhat (NCLAT Delhi) In a recent case, SICOM Limited went head-to-head with Sundaresh Bhat in the context of the Insolvency and Bankruptcy Code (IBC) of 2016. The key issue revolved around the application of the limitation period specified in Section 42 concerning an Application filed under Section 60(5) of the IBC. Detailed Analysis: The crux of the matter was that while the Appellant’s claim for dues was acknowledged, they were classified as an ‘unsecured creditor.’ Section 60(5) of the IBC empowers the Adjudicating Authority to address various matt...