IBC overrides Limitation Act; cannot condone delay beyond 45 days: NCLAT

In a judgment passed on January 12, the NCLAT refused to condone a delay of 55 days in filing of appeal by the appellant-company, Platinum Rent A Car.

The National Company Law Appellate Tribunal (NCLAT), Chennai recently ruled that the Insolvency and Bankruptcy Code (IBC) is a "self-contained and in built legislation," and provisions of the Limitation Act must give way to the limitation period prescribed under IBC [M/s Platinum Rent A Car v M/s Quest Offices].

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