Limitation under Companies Act

The Supreme Court has dismissed the appeal of the Bengal Chemists and Druggists Association, challenging the order of the National Company Law Appellate Tribunal, and asserted that the tribunal was well within its power to dismiss the petition on the ground of delay. Invoking Section 421(3) of the Companies Act, the court stated that an appeal against a tribunal order should be filed within 45 days. A further period of 45 days may be granted at the discretion of the appellate tribunal. The Supreme Court stated that this is a new and special provision. The Limitation Act or the provisions of the Arbitration and Conciliation Act has no application in the case of the Companies Act 2013, the judgment clarified.