Costing Standards Accounting Standards E-Forms

The Companies Act, 2013

Chapter XIX - Revival And Rehabilitation of Sick Companies (253-269)

Section 255- Exclusion of certain time in computing period of limitation.

[Section 255 omitted w.e.f.15.11.2016 vide Notification dated 28.05.2016 (Insolvency and Bankruptcy Code, 2016) read with MCA Notification S.O.3453(E) dated 15.11.2016 effective from 15.11.2016]

Section 255- Exclusion of certain time in computing period of limitation. [New Provision]

[.......]


Prior to Omission Section 255 read as under:

Section 255- Exclusion of certain time in computing period of limitation. [New Provision]

Notwithstanding anything contained in the Limitation Act, 1963 or in any other law for the time being in force, in computing the period of limitation specified for any suit or application in the name and on behalf of a company for which an application has been made to the Tribunal under sub-section (1) of section 253, for a determination to be declared as a sick company or at any stage thereafter, the period during which the stay order as provided under sub-section (3) of section 253, was applicable shall be excluded.