IBC – Limitation – For the law of limitation, the remedy is the goal post and the right is the sign post from where the journey commences. A person initiating any proceeding in a court of law must show the existence of both a right in himself and a remedy for himself, but the IBC is a law where the sign post namely the right is for the financial/ operational creditor and the goal post namely the remedy, is for the corporate debtor, though the creditor may also recover a portion of his debt after having a hair–cut, if not a tonsure.
IBC S. 7 – Limitation – Default
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