S. 61(2) IBC | Appeal Filed Beyond 45 Days Not Condonable By NCLAT : Supreme Court

The Supreme Court held that appeals filed beyond the 45-day limitation period under Section 61 of the Insolvency and Bankruptcy Code cannot be condoned by the NCLAT. The court emphasized the strict nature of timelines under the IBC and refused to entertain Tata Steel's appeal against an NCLT order in the Raj Kumar Banerjee case. This judgment reinforces the importance of adhering to statutory deadlines in insolvency proceedings and limits appellate tribunals' discretion to condone delays. The ruling will impact numerous IBC cases where parties have been seeking condonation of substantial delays in filing appeals. The decision underscores the IBC's objective of time-bound resolution and prevents indefinite prolongation of insolvency litigation through belated appeals.