Words- Words – ‘Shall’ – ‘as far as may be’ – The use of words ‘as far as may be’, occurring in Section 238A of the IBC tones down the rigour of the words ‘shall’ in the aforesaid Section which is normally considered as mandatory – IBC S. 238A.

Words – ‘Shall’ – ‘as far as may be’ – The use of words ‘as far as may be’, occurring in Section 238A of the IBC tones down the rigour of the words ‘shall’ in the aforesaid Section which is normally considered as mandatory – Insolvency and Banking Code, 2016 (31 of 2016), S. 238A. Held, The expression ‘as far as may be’ is indicative of the fact that all or any of the provisions of the Limitation Act may not apply to proceedings before the Adjudicating Authority (NCLT) or the Appellate authority (NCLAT) if they are patently inconsistent with some provisions of the IBC. At the same time, the words ‘as far as may be’ cannot be construed as a total exclusion of the requirements of the basic principles of Section 14 of the Limitation Act, but permits a wider, more liberal, contextual and purposive interpretation by necessary modification, which is in harmony with the principles of the said Section –

IBC S. 238A.         

Read Here : 2022 SCeJ 0216 , 2022 PLRonline 2702 , (2022-1)205 PLR 432