India is on the cusp of a major shift in its recovery, insolvency, and bankruptcy jurisprudence post introduction of Insolvency and Bankruptcy Code 2016 (hereafter, the Code). Several well established concepts are being challenged and at the same time, new concepts are being evolved. For instance, it is a well-known principle of law that every dispute should be contested within the limitation period prescribed under the Limitation Act 1963. However, in Neelkanth Township and Construction Pvt. Limited v. Urban Infrastructure Trustees Limited[1] the Honble National Company Law Appellate Tribunal (hereafter, the NCLAT) upheld that the Limitation Act 1963 is not applicable to the Code[2]. While there are several such instances like the one m…
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