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2018 (5) TMI 736 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHILimitation Act, 1963 applicability for initiation of ‘corporate resolution process’ - whether 'I & B Code' is a 'self-contained Code' or not? - provision of computing the period of limitation prescribed for any suit? - Held that:- In view of the decision in “M/s. Speculum Plast Pvt. Ltd. (2017 (12) TMI 454 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI), we hold that the Adjudicating Authority was wrong in holding that the application was barred by limitation. Limitation Act, 1963 is not applicable for initiation of 'Corporate Insolvency Resolution Process'. If an application under Section 433 is transferred, it is to be seen whether within the time prescribed the applicant provided all information other than relevant information(s) as per the I & B Code and as required to be furnished in requisite form prescribe under Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. - Also for treating the application as an application under Section 9, it is to be seen as to whether the applicant had issued notice under Section 8(1) and received a reply under Section 8(2) of the I &B Code. If notice has been issued and reply has been received, then only it can be seen whether there is an ‘existence of dispute’. All these issues are required to be noticed from the records and, therefore, we are not going to deliberate on such issues at this stage. For the reasons aforesaid, we remit the case to the Adjudicating Authority (National Company law Tribunal), Chennai passed and will reconsider the issue after notice to the parties.
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