Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
SC allowed the appeal, setting aside NCLAT's order by liberally interpreting "sufficient cause" under Section 60(5) of IBC. The court found that the appellant's procedural delays were mitigated by genuine efforts to file within prescribed timelines, reliance on legal representatives, and potential substantive merit of the underlying legal issue. The judgment emphasized resolving disputes through substantive hearing rather than technical default, thereby granting condonation of delay and directing NCLAT to proceed with hearing the appeal on merits.
SC allowed the appeal, setting aside NCLAT's order by liberally interpreting "sufficient cause" under Section 60(5) of IBC. The court found that the appellant's procedural delays were mitigated by genuine efforts to file within prescribed timelines, reliance on legal representatives, and potential substantive merit of the underlying legal issue. The judgment emphasized resolving disputes through substantive hearing rather than technical default, thereby granting condonation of delay and directing NCLAT to proceed with hearing the appeal on merits.
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