The see-sawing of judgements, where time and again grounds
pleading the application being barred by limitation have been
raised and have been a subject matter of dispute and long drawn
delays, appears to have finally concluded. By virtue of the recent
orders of the Supreme Court in the matter of Jignesh Shah &
Ors. Vs. Union of India & Ors. dated 25th
September 2019 and another in the matter of Gaurav Hargovind
Bhai Dave Vs. Asset Reconstruction Company (India) Ltd. &
Ors. dated 18th September 2019, it has by now
become a settled law that limitation period applies in respect of
the applications filed under the Insolvency and Bankruptcy Code,
2016 ("Code").
However, this needs to be considered in light of the fact that
in the banking and finance sector, it is common practice to assign
/ transfer a defaulting loan to an asset reconstruction company
("ARC") and/or securitization company
("SCs") who step into the shoes of the
existing creditor which is long overdue. In
