2021 (1) TMI 1151 - SCH - Insolvency and Bankruptcy

Declaration of Non-performing asset - proceedings before the Debt Recovery Tribunal for the realization of its dues - applicability of time limitation - HELD THAT - On the facts and in the circumstances of this case, without expressing any opinion on the question of law raised, no case for interference has been made out. The declaration of the non-performing asset was on 20 February 2010. The Appellant has taken recourse to proceedings before the Debt Recovery Tribunal for the realization of its dues. The proceedings before the NCLT were instituted beyond the period of limitation prescribed by Article 137 to the Limitation Act. Appeal dismissed

Summary

The Supreme Court of India dismissed the Civil Appeal as the proceedings before the NCLT were initiated beyond the limitation period prescribed by Article 137 of the Limitation Act.