2024 (4) TMI 440 - SCH - Insolvency and Bankruptcy

Appeal Dismissed Due to 142-Day Delay, Exceeding Permissible Limit for Condonation in Insolvency Proceedings.

The SC dismissed the appeal, citing a delay of 142 days, which surpassed the permissible limit for condonation under Section 62 of the IBC 2016. The ... Condonation of delay in filing appeal - Approval of Resolution Plan - it was held by NCLAT that The Appellant having been treated as Operational Creditor allocation of amount in the Resolution Plan cannot be said to be in violation of Section 30 (2)(b), thus, no ground has been made to interfere with the Impugned Order. HELD THAT:- The period of delay is 142 days which is in excess of the delay which can be condoned in terms of Section 62 of the Insolvency and Bankruptcy Code 2016. The Appeal is accordingly dismissed on the ground of limitation. The Supreme Court dismissed the appeal due to a delay of 142 days, exceeding the condonable limit under Section 62 of the Insolvency and Bankruptcy Code 2016.