CIRP Application Barred if Default Over Three Years Old, Unless Delay Condoned Under Limitation Act Section 5.

Initiation of CIRP - "The right to sue", therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of filing of the Application, the Application would be barred under Article 137 of the Limitation Act, save and except in those cases where, in the facts of the case, Section 5 of the Limitation Act may be applied to condone the delay in filing such Application". - AT .....

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