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Enforceability of time-barred claims vis-a-vis the insolvency and Bankruptcy Code - a critical analysis

Introduction

Recently, in Neelkanth Township and Construction Pvt. Ltd. v.Urban Infrastructure Trustees Ltd, Company Appeal (AT) (Insolvency) No. 44 of 2017 (Neelkanth Township), the National Company Law Appellate Tribunal (NCLAT) addressed several issues with regard to the Insolvency and Bankruptcy Code, 2016 (IBC).

India, Insolvency & Restructuring, Litigation, Khaitan & Co, Statute of limitations, Companies Act 2013 (India), Supreme Court of India
Hamersley v Forge: the limitations of set-off rights in a liquidation scenario

In the event of a contractual counterparty going into liquidation, whether or not a trade counterparty may claim set-off against debts owed to the insolvent counterparty can dramatically affect the commercial position of the account debtor. This was recently highlighted in the decision of Hamersley Iron Pty Ltd v Forge Group Power Pty Ltd (In Liquidation) (Receivers and Managers appointed) [2017] WASC (2 June 2017).

What does this mean for you?

Australia, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Liquidation