B.K EDUCATIONAL SERVICES PVT LTD vs PARAG GUPTA AND ASSOCIATES

The Supreme Court addressed the applicability of the Limitation Act, 1963 to applications under Sections 7 and 9 of the Insolvency and Bankruptcy Code, 2016, particularly in the context of the newly inserted Section 238A. The Court held that while the Limitation Act does not apply to the initiation of Corporate Insolvency Resolution Process, the doctrine of limitation is relevant for determining delays in applications. It emphasized that applications filed after a significant delay must be explained by the applicant, and stale claims should not be entertained unless justified, thereby clarifying the procedural requirements for insolvency applications.