Legal Corner/Update

1. “Petition filed by an advocate would be maintainable” Setting aside the ruling of the NCLAT, the Ld. Apex court has held that non-compliance would be sufficient compliance if the compliance itself is impossible to comply in the case of an overseas petitioner CIVIL APPEAL NOS. 21794¬21795 OF 2017(SC).

2. “The Provision of Limitation Act does not apply to the Proceedings under the IBC, 2016” in its landmark judgement to what could be serious deterrent wilful defaulter trying to escape (sheltering behind the limitation period) action under the Insolvency Code while upholding the ruling of the National Company Law Appellate Tribunal (NCLAT), the Apex Court has held that the Period of Limitation Act does not apply to Insolvency Proceedings.

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