Babulal Vardharji Gurjar vs Veer Gurjar Aluminium Industries Pvt ...

The Supreme Court upheld the National Company Law Appellate Tribunal's decision that the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process was not barred by limitation. The Court noted that the application was filed within the limitation period as the Code came into force on 01.12.2016, and the claim was supported by mortgage security, allowing a twelve-year limitation period under Article 61(b) of the Limitation Act, 1963. The appeal was dismissed, affirming the Appellate Tribunal's order.