Section 95 application under IBC after expiry of three years is barred by limitation

IDBI Bank Ltd Vs Hemangi Patel (NCLAT Delhi) NCLAT Delhi held that rejection of application under section 95 of the Insolvency and Bankruptcy Code justifiable since application filed after expiry of period of three years is barred by limitation. Accordingly, appeal dismissed. Facts- The IDBI Bank extended credit facilities to corporate debtor – Great Logistic and Parking Services Pvt. Ltd., the respondent herein stood personal guarantor and executed a personal guarantee in favour of the creditor on 28.10.2010. The corporate debtor had defaulted in repayment of the cash credit facilities on 3...