The law of limitation revolves around the basic concept of fixing or prescribing the time period for barring legal actions beyond that period.
The very crux of having a limitation law in force is that a person cannot sleep over his rights for an indefinite period and seek such remedy at a later stage.
The limitation Act does not extinguish a right but it only bars the remedy.
At the outset, it may be noted that the law of limitation would apply equally to an applicant’s claim as well as claims of other creditor who submit proof of claim before the RP/liquidator.
As per the Act, being a general law, the right to sue accrues when the default has occurred and the default should have occurred not beyond 3 years from filing of the application. However, when introduced, the Code did not explicitly provide for applicability of limitation law for matters under the Code- hence the anomaly.
n spirit of the principles of purport of the law of limitation and in light of the confusion of an explicit provision, a counterpart to section 433 of the Companies Act, 2013 was introduced in the Code by way of section 238A w.e.f. 06.06.2018, which stated that:
The provisions of the Limitation Act, 1963 shall, as far as may be, apply to the proceedings or Appeals before the Adjudicating Authority, the National Company aw Appellate Tribunal, the Debt Recovery Appellate Tribunal, as the case may be.”
Hence, it was substantiated in clear words that the Limitation Act, 1963 is applicable to the Insolvency and Bankruptcy Code, 2016.
You may apply for your claim even now befor the forum, let them giver their reply after which you can decide about further course of action