Limitation Period Under IBC Must Be Strictly Construed, Says Supreme Court: Khaitan & Co. Analysis
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Khaitan & Co. Update
Aggrieved by the order of the National Company Law Appellate Tribunal refusing to condone a delay of 44 days in filing an appeal against the order passed by the National Company Law Tribunal, the National Spot Exchange Ltd. preferred an appeal before the Supreme Court of India.
The division bench of the apex court, however, dismissed the appeal stating, inter alia, that the limitation provisions in a special statute (such as the Insolvency and Bankruptcy Code 2016, in the instant set of facts) would not only have to be construed strictly, but would also override conflicting provisions, if any, of the Limitation Act 1963.
Therefore, the court upheld the order of the NCLAT.
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