Limitation Restored After COVID Exclusion Leads to Revival of Section 95 IBC Petitions

J C Flower Asset Reconstruction Pvt. Ltd. Vs Mehul Gor & another (NCLAT Delhi) These two appeals arise from separate orders of the Adjudicating Authority (NCLT, Ahmedabad) dismissing applications filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) against personal guarantors on the ground of limitation. The essential facts are identical in both matters. The default occurred on 10 October 2017, and the ordinary three-year limitation period would have expired on 10 October 2020. However, during this period, the COVID-19 pandemic had already begun, and the Supreme Court had iss...