ashok 7904667308 sur 961 days ago

This Act has opened the can of worms and exposed the underlying defect. The Hon''ble Supreme Court, earlier kept the issue of limitation open. But on 10/1/2018, it has stayed the order of the NCLAT that the Limitation Act would apply to suits and applications made earlier or rights that arose prior to 1/12/2016 as applicable only from 1/12/2016 only. Namely future application of enacted and subsisting laws. The Act 31 of 2016 is not a complete code. It is exhaustive. It has specific references to the Limitation Act in sections 60(6) and 179(3). The meaning is clear. NCLAT has tried to give life to the proceedings pending and being filed before them life. Even the Parliament is not competent to retrospectively competent to enact a law to revive a dead remedy. All those who have suffered at the hands of the IBC can have their status quo restored by filing an impleading petition in the case admitted and stay granted by the Hon''ble Supreme Court. The Bankers are going to get the jolt of their life. They cannot recover one Rupee of the money lent if the Hon''ble Supreme Court overrules the NCLAT Order. Hence premature to celebrate. It is a good law for present and future. But not for the past.