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CIRP is barred by limitation if debt is not acknowledged within 3 yrs before filing application

August 7, 2019[2019] 109 254 (NCLT - Ahd.)

IBC: Where Before Code came into existence, remedy of winding up was available to Bank but Bank availed no such remedy and limitation period of 3 years expired by time CIRP petition was filed, CIRP petition was to be dismissed; mere pendency of application before DRT would not save limitation period as there was no bar in filing application under Code when DRT/SARFAESI proceedings were pending

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