Intervention Application U/S 60(5) Of IBC Can't Be Entertained Beyond Limitation Period Of Three Years: NCLAT

The NCLAT (National Company Law Appellate Tribunal) has ruled that an "intervention application under Section 60(5) of IBC cannot be entertained beyond the limitation period of three years." This decision underscores the strict adherence to limitation periods in insolvency proceedings. The tribunal clarified that even an application for intervention, which is a procedural step, must be filed within the prescribed three-year limitation period from the date the right to sue accrues. This ensures timely resolution and prevents prolonged litigation in IBC matters.