Conundrum of Limitation Period under IBC and Inapplicability of the Doctrine of Election

Recently the Supreme Court in the case of Tottempudi Salalith v State Bank of India & Ors. (Tottempudi Salaith) held that the doctrine of election cannot be applied to prevent a financial creditor to approach the National company law tribunal (NCLT) for initiating a Corporate Insolvency Resolution Process (CIRP) against the corporate debtor under Section 7 of the Insolvency and Bankruptcy code 2016 (IBC). In this post, the author elucidates the rationale employed by the court and critically...