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ARTICLE · 26 FEBRUARY 2020

Supreme Court Reinforces Timelines Under RDB Act

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The Supreme Court has recently in its judgment dated 21 January 2020, in the case of Standard Chartered Bank v MSTC Limited [SLP (C) No 20093 of 2019], provided clarity on the interplay between the ...

IndiaInsolvency/Bankruptcy/Re-Structuring
Anushka Sharda
Anushka Sharda
Radhika Gupta
Radhika Gupta
Rohit Ghosh
Rohit Ghosh
Smriti Nair
Smriti Nair
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Introduction

The Supreme Court has recently in its judgment dated 21 January 2020, in the case of Standard Chartered Bank v MSTC Limited [SLP (C) No 20093 of 2019], provided clarity on the interplay between the provisions of Recovery of Debts and Bankruptcy Act 1993 (RDB Act) and Limitation Act 1963 (Limitation Act). Supreme Court has in doing so refused to condone a delay of 28 days in filing of a review application by the government borrower entity against a decree in favour of the bank.

BRIEF BACKGROUND:

  • Standard Chartered Bank (SCB) filed an interim application (IA) seeking a decree on admission against MSTC Limited (MSTC), in recovery proceedings pending before the Debts Recovery Tribunal, Mumbai (DRT). The DRT passed an order allowing the IA and ordering recovery of the outstanding due.

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