2026 (4) TMI 78 - SCH - IBC

Statutory cap on condonation of delay barred an insolvency appeal filed far beyond the maximum permissible period.

Under Section 62(2) of the Insolvency and Bankruptcy Code, 2016, delay in filing an appeal can be condoned only within the prescribed 45-day period plus a ... Statutory cap on condonation of delay - delay of 253 days - Maintainability of appeal under the Insolvency and Bankruptcy Code. - HELD THAT: - The Court held that under Section 62(2) of the Insolvency and Bankruptcy Code, 2016, delay can be condoned only up to 15 days beyond the prescribed period of 45 days, if the Court is satisfied. Since the reported delay of 253 days was far beyond that outer statutory limit, the appeal was not entertainable. [Paras 1, 2] The appeal was dismissed as barred by limitation on the ground that the delay exceeded the statutorily condonable period. Final Conclusion: The Court dismissed the appeal on the ground of delay, holding that the reported delay was far beyond the maximum period that could be condoned under Section 62(2) of the Insolvency and Bankruptcy Code, 2016. Outcome: Appeal dismissed on the ground of delay.