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2018 (8) TMI 1790 - Tri - Insolvency and BankruptcyInitiation of corporate insolvency resolution process - Petition time barred - Scope of amendment made in the Insolvency and Bankruptcy Code, 2016 by inserting Section 238A - Limitation Act, applicability to insolvency proceeding - HELD THAT:- In view of the amendment made in the Insolvency and Bankruptcy Code, the instant application is time barred and hit by Section 18 of the Limitation Act, 1963. The amount of debt has become due and payable on 26.02.2013. While dealing with the issue of limitation, in the case of Black Pearls Hotel Pvt. Ltd. v. Planet M Retail Ltd. [2017 (12) TMI 100 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] said that, if the Limitation Act was even made to be applicable, then the period would only be initiated from December 2016. In view of the judgment of the Hon'ble Supreme Court [2018 (8) TMI 837 - SUPREME COURT OF INDIA] a clarificatory amendment has retrospective effect. Under the above facts, circumstances and the reasons as discussed above, we have come to the conclusion that the petition is time barred.
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