Limitation Act is Applicable to CIRP Unless Condoned: NCLAT Mumbai

Neelkanth Township and Construction Pvt. Ltd. Vs Urban Infrastructure Trustees Limited (NCLAT Mumbai) Summary: In Neelkanth Township and Construction Pvt. Ltd. vs Urban Infrastructure Trustees Ltd. (NCLAT Mumbai), the issue was whether the Limitation Act, 1963 applied to insolvency applications under the IBC. Urban Infrastructure, holding optionally convertible debentures (OCDs) of Neelkanth maturing in 2011–2013, filed a Section 7 application in 2017 after default in repayment. Neelkanth argued the claim was time-barred, but the NCLAT held that the IBC is not a debt recovery law but a mecha...