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Date of Coming into Force of IBC Cannot Form a Trigger Point of Any Limitations For Applications: SC

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Date of Coming into Force of IBC Cannot Form a Trigger Point of Any Limitations For Applications: SC
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The Supreme Court has observed that the date of coming into force of the Insolvency and Bankruptcy Code does not and cannot form a trigger point limitation for applications filed under the Code.

The bench of Justice Rohinton Fali Nariman and Justice V. Ramasubramanian reiterated,

“ Article 141 of the Constitution of India mandates that our judgments are followed in letter and spirit. The date of coming into force of the IBC Code does not and cannot form a trigger point of limitation for applications filed under the Code. Equally, since “applications” are petitions which are filed under the Code, it is Article 137 of the Limitation Act which will apply to such applications.”

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