In case of BABULAL VARDHARJI GURJAR ……Appellant(s) VS. VEER GURJAR ALUMINIUM INDUSTRIES PVT. LTD. & ANR. .…Respondent(s),the Supreme Court by judgment dt 14.08.2020has held that limitation for filing application u/s 7 of IBC is governed by Article 137 of Limitation Act and disapproved the judgment of NCLAT that period of limitaion in case of application u/s 7 of IBC in case of mortgaged property is 12 years and also dissaproved that period of limitation is to begin from date of commencement of IBC i.e.1.12.2016.It further rejected contention of the Respondents that period of limitation is to be calculated from the date acknowledgment of debt.
https://ibbi.gov.in//uploads/order/320634f0a711d9ce38341c894f27d5ef.pdf
