Petition Filed U/S 9 Of IBC Based On Arbitral Award Cannot Be Entertained After 3 Yrs From Date Of Award: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai ruled that a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) based on an arbitral award cannot be entertained after three years from the date of the award, as per Article 137 of the Limitation Act. This ruling clarifies the time limitations for initiating insolvency proceedings based on arbitral awards. It emphasizes the importance of adhering to statutory deadlines and ensuring timely legal action in insolvency cases. This decision highlights the judiciary's role in enforcing procedural rules and maintaining legal certainty.