“In the absence of provisions for exclusion of such period in respect of an application under Section 9, IBC, despite the combined reading of Section 238A, IBC and the provisions under the Limitation Act what is legally available to such a party is to assign the same as a sufficient cause for condoning the delay under Section 5 of the Limitation Act. In such eventuality, in accordance with the factual position obtained in any particular case viz., the period of delay and the period covered by suspension of right under Section 22 (1), SICA etc., the question of condonation of delay has to be considered lest it will result in injustice as the party was statutorily prevented from initiating action against the industrial company concerned”
(Para 24)
Sabarmati Gas Limited vs Shah Alloys Limited | 2023 LiveLaw (SC) 9 | CA 1669 of 2020 | 4 Jan 2023 | Justices Ajay Rastogi and C T Ravikumar
Supreme Court delivers a judgment on IBC. Holds that delay in filing CIRP application is condonable under Section 5 Limitation Act on sufficient reasons.
— CiteCase
[Relevant para screenshot given below] https://t.co/5mG7AMrTCo pic.twitter.com/6jZuPsFUt8(@CiteCase) January 4, 2023
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