Inflexible Rule cannot be Laid Down to Condone Delay u/s 61 of IBC: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has stated that there is no rigid rule for condoning delays under Section 61 of the Insolvency and Bankruptcy Code (IBC). The tribunal emphasized that each case should be evaluated based on its unique facts and circumstances. It highlighted that procedural delays, if justified reasonably, should not obstruct substantive justice. This ruling underscores the NCLAT’s flexible approach in interpreting procedural laws under the IBC and ensuring fairness in insolvency proceedings. It also reaffirms the importance of balancing procedural compliance with the principles of natural justice.