Sagar Sharma vs Phoenix Arc Pvt. Ltd.

The Supreme Court clarified that the commencement of the Insolvency and Bankruptcy Code (IBC) on 01.12.2016 does not trigger any limitation period for applications under Section 7 of the Code, which are governed by Article 137 of the Limitation Act. The Court set aside the impugned judgment that incorrectly applied Article 62 instead of Article 137, emphasizing that applications under Section 7 are not for enforcing mortgage liabilities. The appeal was allowed, and the matter was remanded for fresh determination.