Section 61 IBC Time-Period cannot be Extended under Limitation Act: NCLAT

Hero Exports Vs Mr. K. Vasudevan (CIRP) (NCLAT Chennai) In Hero Exports v. Mr. K. Vasudevan, the National Company Law Appellate Tribunal (NCLAT), Chennai, dismissed Hero Exports’ appeal against an approved resolution plan, emphasizing the strict limitation period outlined in Section 61 of the Insolvency and Bankruptcy Code (IBC). The case arose after Hero Exports contested a resolution plan approved by the National Company Law Tribunal (NCLT), Chennai, in favor of Respondent No. 3. Hero Exports had initially filed a recall application with NCLT to challenge this approval, which was denie...