Insolvency and Bankruptcy Code, 2016 – Section 7 – Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – Section 13(2) – In absence of averments or pleading, after initiation of insolvency proceeding, any promise made to pay the debt cannot be treated to have cured the fault of limitation in a preexisting action – In the event a financial creditor wants to pursue a recovery certificate as a deemed decree, he would get twelve years’ time.
SUPREME COURT OF INDIA DIVISION BENCH TOTTEMPUDI SALALITH — Appellant Vs. STATE BANK OF INDIA AND OTHERS — Respondent ( Before : Aniruddha Bose and Vikram Nath, JJ. ) Civil…