NCLAT Upholds NCLT’s Condonation of 26 Days delay under IBC being Justiciable

The NCLAT (National Company Law Appellate Tribunal) has upheld the NCLT's (National Company Law Tribunal) condonation of a 26-day delay under the IBC (Insolvency and Bankruptcy Code), deeming it justiciable. This ruling reinforces the discretionary power of NCLTs to condone minor delays in filing applications under the IBC, provided there is sufficient cause. The NCLAT's decision emphasizes that such delays, if reasonable and explained, should not hinder the insolvency resolution process. This promotes flexibility and fairness in IBC proceedings, preventing genuine cases from being dismissed on technical grounds.