Supreme Court Clarifies IBC Appeal Deadlines: No Delay Condonation Beyond 45 Days
The Supreme Court held that appeals under Section 61(2) of the Insolvency and Bankruptcy Code (IBC) must strictly adhere to the 30-day limitation period, extendable by only 15 days upon showing "sufficient cause." The NCLAT cannot condone delays beyond this 45-day window, as the IBC’s time-bound framework overrides equitable considerations.
Facts Of The Case:
Tata Steel’s resolution plan for Rohit Ferro-Tech Ltd. was approved by the NCLT on 07.04.2022. Respondent No. 1, a minority shareholder, filed an appeal before the NCLAT on 23.05.2022 (e-filing) and 24.05.2022 (physical filing), seeking condonation of a 15-day delay. The NCLAT allowed the delay, citing Section 4 of the Limitation Act, 1963, as the 30-day period ended on a court holiday (08.05.2022, a Sunday). Tata Steel challenged t...