2019 (10) TMI 1320 - SC - Insolvency and Bankruptcy

Admissibility of petition - Initiation of CIRP - Corporate Debtor unable to repay the amount - Non Performing Asset - whether the application under Section 7 of the I B Code was barred by limitation and if not whether the claim of the Banks was barred by limitation to hold that there is no debt payable in the eyes of law? - HELD THAT - The NCLAT will now re-examine the question of limitation having regard to the judgments in B.K. Educational Services Private Limited vs. Parag Gupta and Associates 2018 (10) TMI 777 - SUPREME COURT as well as Sagar Sharma and Another 2019 (10) TMI 224 - SUPREME COURT applying Article 137 of the Limitation Act as expeditiously as possible. Appeal allowed.

Summary

The Supreme Court set aside the judgment of the National Company Law Appellate Tribunal and directed re-examination of the question of limitation. The NCLAT will consider relevant judgments and expedite the process. The appeal was allowed, pending proceedings are on hold, and pending applications are disposed of.