Appeal Delayed Beyond 15 Days Not Condonable as Per Proviso of Section 61(2) of IBC: NCLAT refuses to Condone 19 Days Delay by Kotak Mahindra

The NCLAT has ruled that a delay of over 30 days in filing an appeal under the Insolvency and Bankruptcy Code (IBC) cannot be condoned. Kotak Mahindra Bank had requested the NCLAT to accept its late appeal, but the Tribunal declined, citing the strict provisions of the IBC. This decision underscores the importance of adhering to statutory deadlines in IBC proceedings. The ruling highlights that while courts may allow some flexibility, the timeliness of appeals is crucial for the orderly resolution of insolvency cases. It also reinforces the need for stakeholders to comply with IBC timelines to avoid penalties.