Application u/s 95 of IBC Filed after Expiry of 3 years Barred by Limitation: NCLAT Dismisses Appeal...

The NCLAT has dismissed an appeal by IDBI Bank, ruling that an application under Section 95 of the IBC filed after the expiry of three years is "barred by limitation." This decision underscores the importance of adhering to the statutory limitation periods prescribed under the Insolvency and Bankruptcy Code. The ruling, a significant victory for the government, clarifies that a company can be held responsible for the misdeeds of another person. The court's decision is a crucial reminder to all that they must be diligent in their dealings.