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TMI BlogThe Confluence of Insolvency and Limitation Laws: Insights from a NCLAT DecisionX X X X Extracts X X X X X X X X Extracts X X X X ..... PAL BENCH , NEW DELHI The case of Export-Import Bank of India Ors. Versus Maneesh Pharmaceuticals Ltd. presents a significant matter in the realm of corporate insolvency law, specifically touching upon the intricacies of the Insolvency and Bankruptcy Code, 2016 (IBC), and the applicability of the Limitation Act, 1963 . This case was adjudicated by the National Company Law Appellate Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;s Decision : The Tribunal initially found that there was a debt and default as per the IBC but dismissed the application based on limitation issues. Appellate Proceedings : The appellant challenged this decision, leading to various appellate processes, including a decision by the Supreme Court, which upheld the findings of the NCLAT. Revival of the Main P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if the application is within the prescribed limitation period, the Tribunal should admit the CIRP without delving further into the merits of the debt and default. The Role of Appellate Tribunals in Insolvency Matters This case highlights the appellate process in insolvency cases, demonstrating the layered scrutiny by different judicial forums, from the NCLT to the Supreme Court. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency matters and emphasizes the need for Tribunals to focus on the substantive aspects of debt and default once these are established and the application is within the limitation period. Full Text : 2023 (12) TMI 1217 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opinion Tax Manag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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