Appeal time-barred; limitation cannot be extended under Section 62 IBC; prior hypothecation defeats later transfer claim The SC held the appeal inadmissible as time-barred and dismissed it, stating the Court cannot extend the limitation under Section 62 of the IBC even by ...
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Appeal time-barred; limitation cannot be extended under Section 62 IBC; prior hypothecation defeats later transfer claim
The SC held the appeal inadmissible as time-barred and dismissed it, stating the Court cannot extend the limitation under Section 62 of the IBC even by one day. The Court upheld findings that the machinery had been hypothecated under a prior loan agreement in favor of the financial creditor, and that a subsequent purported transfer/lease and hypothecation without notice or approval of the FC was ineffective and bad in law, undermining the appellant's claim to ownership.
The appeal was dismissed as time-barred. The court held that it is "not permissible for this Court to extend the limitation prescribed under Section 62 of the Insolvency and Bankruptcy Code, 2016, even by one day." The sole legal reasoning rests on the non-extendability of the limitation period under Section 62 IBC, leaving no scope for condonation of delay or extension of limitation to entertain the appeal. Consequently, the appeal was disposed of on that short ground without consideration of merits.
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