In Neelkanth Township & Construction Private Limited v. Urban Infrastructure Trustees Limited [2017] 140 CLA , a n appeal was filed by a corporate debtor (Neelkanth Township & Construction Pvt. Ltd.) against the order of the National Company Law Tribunal (“ NCLT ”) allowing commencement of insolvency proceedings on the action of the financial creditor (Urban Infrastructure Trustees Ltd.). in National Company Law Appellate Tribunal (“ NCLAT ”). The financial creditor had subscribed to optionally convertible debentures (“ OCDs ”) issued by the corporate debtor. OCDs carried nil or 1% p.a. interest rate and matured in years 2011, 2012 and 2013. Ø One of the issues for consideration before the NCLAT was whether the application under Section 7 of the Insolvency & Bankruptcy Code (“ Code ”) is time barred, as the debt claim related to the years 2011, 2012 and 2013. Section 3 of the Limitation Act, 1963 governs the time period within which unless a ‘civil suit’ must be f
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