NCLAT Sets Aside NCLT’s Order Allowing Time-Barred Claim in Voluntary Liquidation Process

The NCLAT (National Company Law Appellate Tribunal) has set aside an NCLT order that allowed a "time-barred claim in a voluntary liquidation process." The tribunal reiterated the strict adherence to statutory timelines for submitting claims, even in voluntary liquidation. Allowing a time-barred claim would prejudice the rights of other creditors who filed their claims within the prescribed period. This decision reinforces the principle that the Insolvency and Bankruptcy Code (IBC) aims for timely and efficient resolution, and procedural discipline is paramount.