Limitation For Filing An Appeal Under IBC
The Supreme Court on 23rd March, 2020 while taking suo motu cognizance of the COVID-19 pandemic extended the period of limitation under the Limitation Act, 1963 for filing of petitions/applications/suits/ appeals/all other proceedings until further notice. One such issue regarding limitation has been addressed by the Supreme Court in V Nagarajan v. SKS Ispat and Power Limited and Others wherein it was held that the period of limitation for filing an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 starts running from the date of pronouncement of the order. Findings of the Court Applicability of Limitation Act to IBC The Court held the IBC is a complete code in itself and over-rides any inconsistencies that may arise in the application of other laws and that for the question of limitation for filing appeals the provisions of the IBC would have an overriding effect over the Limitation Act as held in the case of Kalpraj Dharamshi & Another v. Kotak Investment Advisors Limited & Another. Limitation to be computed from the date of pronouncement The Court held that Sections 61 and of the IBC consciously omit the requirement of limitation being computed from when the 'order is made available to the aggrieved party', in contrast to Section 421 of the Companies Act wherein limitation period begins from the date when a copy of the order is made available. Once an application for certified copy of the order is filed, the time taken in obtaining the order is excluded from the computation of limitation under Section 12 of the Limitation Act.
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