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SARFAESI / DRT proceeding not extends limitation period under IBC
Case Law Details
- Case Name
- Bimalkumar Manubhai Savalia Vs Bank of India (NCLAT)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
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- Courts
- NCLAT
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Bimalkumar Manubhai Savalia Vs Bank of India (NCLAT)
Conclusion: Proceedings initiated or pending in DRT, either initiated under SARFAESI or under debts and due to Banks and Financial Institutions could not be taken into account for the purposes of limitation. Therefore, the application filed by Bank before the Adjudicating Authority on 30.08.2018 was beyond the period of limitation. In the result, the Corporate Debtor was released from the rigor of Corporate Insolvency Resolution Process and action taken by IRP/RP and Committee of Creditor, if any, in view of the impugned order set aside.
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