Insolvency appeals are time-bound, no leeway beyond 45 days: NCLAT
The NCLAT stressed insolvency proceedings are time-bound and appeals must be filed promptly. An appeal against a revival order was rejected for exceeding the allowed time. The tribunal noted a maximum 15-day condonable period for delayed filings. The suspended director's explanation for delay was deemed insufficient by the bench. Consequently, the appeal was declared not maintainable and…
The National Company Law Appellate Tribunal (NCLAT) has ruled that time limits must be strictly adhered to in Insolvency and Bankruptcy Code proceedings, with no leeway beyond 45 days. A two-member bench rejected an appeal by Sunil Kumar Dahiya, the suspended director of Vigneshwara Developers Pvt Ltd, against a revival of insolvency proceedings against his company.
The bench, comprising Justice Sharad Kumar Sharma and Arun Baroka, stated that Dahiya's claims of not being aware of the order until June 2, 2026, were untrue and misleading. They also noted that his application for a certified copy of the order was not processed in time. The bench found that Dahiya's delay in filing the appeal extended beyond the permissible 45-day window, and therefore, dismissed the appeal under Section 60(2) of the Insolvency and Bankruptcy Code.
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