GAURAV HARGOVINDBHAI DAVE vs ASSET RECONSTRUCTION COMPANY (INDIA) LTD.

The Supreme Court addressed the issue of the applicability of the Limitation Act in the context of insolvency proceedings under the Insolvency and Bankruptcy Code. The court held that the date of default, which was the date of the NPA, is crucial for determining the limitation period for filing an application under Section 7. The judgment clarified that the assignment of debt and the timeline of proceedings must be considered to ascertain the maintainability of the application.