Time-Period U/S 61 Of IBC Cannot Be Extended On Ground Of S.14 Of Limitation Act: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has ruled that the time period under Section 61 of the Insolvency and Bankruptcy Code (IBC) cannot be extended on the grounds of Section 14 of the Limitation Act. The decision clarifies that the limitation period for filing an appeal under the IBC is strict and cannot be relaxed based on the provisions of the Limitation Act. The article explains the legal reasoning behind the ruling and its implications for parties involved in insolvency proceedings. It also discusses the importance of adhering to statutory timelines to ensure the efficient resolution of insolvency cases.