Case Law Details
Bank of Baroda Vs Rajiv Rai (NCLT Chennai)
Section 238A of IBC, 2016 applies to the entire provisions of IBC, 2016 and as such Article 136 of the Limitation Act, 1963 also applies to an Application filed under Section 95 of IBC, 2016. In the said circumstances, as per Section 3 of the Limitation Act, 2013, even Court / Tribunal is required to examine the debt on the point of limitation, eventhough such a defence has not been setup.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
These applications have been filed under Section 95 (1) of the Insolvency and Bankruptcy Code, 2016 against the personal guarantors of SBQ Steels Limited, the Corporate Debtor. The present application is filed by the Financial Creditor viz. Bank of Baroda against the personal guarantors of the Corporate Debtor.
2. It is stated in Part – III of the Application that the date on which the debt fell due was 31.03.2012 and the date of default is also on 31.03.2012. It is seen that the present Application has been filed before this Tribunal on 10.04.2021.
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