Supreme Court rules NCLAT has no power to condone delay beyond 45 days under IBC

The Supreme Court ruled that the National Company Law Appellate Tribunal (NCLAT) cannot condone delays beyond 45 days for filing appeals under the Insolvency and Bankruptcy Code (IBC). The judgment strictly interprets Section 61 of IBC, emphasizing the code's time-bound resolution framework. This decision reinforces that statutory timelines under IBC are mandatory and not subject to discretionary extension. The case involved Tata Steel's appeal which was filed 47 days after the NCLT order. The ruling impacts numerous pending cases where parties sought leniency on technical delays. While ensuring speedy resolution, this may cause hardship in genuine cases where delays occurred due to unavoidable circumstances. The judgment underscores the importance of strict compliance with IBC timelines to maintain the efficiency of the insolvency resolution process.