NCLT : In Satyendra Jain vs. M/s. Omway Builestate Pvt. Ltd.

Though Limitation Act, 1963 is applicable to I&B Code but the provision of Article 136 provides for 12 years period for execution of decree or order of a civil court and non-payment of such decree even after five years is well within the period of limitation for initiation of CIRP.

When a recovery suit was filed within the period of limitation by the financial creditor against the corporate debtor in which the decree was passed in the year 2013 and even after five years of such decree, corporate debtor had not paid the dues, the application under section 7 of I&B Code for initiation of CIRP is well within the period of limitation.

(Link : https://nclt.gov.in/sites/default/files/Interim-order-pdf/Satyendra%20Jain%20Vs.%20Ms.%20Omway%20Builestate%20Pvt%20Ltd._5.pdf)