Time Spent For SARFAESI Proceedings Can Be Excluded For Computing Limitation Under IBC : NCLAT

Arunima Bhattacharjee

2 Dec 2019 10:43 AM IST

Since the proceedings initiated under the SARFEASI Act were within limitation period, NCLAT held that the Financial Creditor was entitled for the exclusion of time period under the Limitation Act.

In the matter of Sesh Nath Singh and Anr. vs. Baidyabati Sheoraphuli Cooperative Bank Ltd, while computing the limitation period in respect of the section 7 application (for initiating insolvency proceedings) under the Insolvency and Bankruptcy Code, 2016 (IBC), the NCLAT has excluded the time during which the financial creditor had proceeded against the corporate debtor under SARFAESI...

Time Spent For SARFAESI Proceedings Can Be Excluded For Computing Limitation Under IBC : NCLAT

Arunima Bhattacharjee

Since the proceedings initiated under the SARFEASI Act were within limitation period, NCLAT held that the Financial Creditor was entitled for the exclusion of time period under the Limitation Act.

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