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NCLAT dismissed the application for condonation of 280 days delay in refiling appeal by power of attorney holder of erstwhile director of corporate debtor. The appellant failed to establish sufficient cause for inordinate delay, offering vague and unsubstantiated explanations regarding unavailability of documents managed by director's father-in-law and health issues. The tribunal found the appellant's conduct casual and lacking diligence in pursuing defect rectification within prescribed seven-day period under Rule 26(2) of NCLAT Rules, 2016. Emphasizing that Corporate Insolvency Resolution Process under IBC is time-bound, the tribunal held such delay undermines expeditious resolution objectives and statutory timelines, warranting dismissal of condonation application.
NCLAT dismissed the application for condonation of 280 days delay in refiling appeal by power of attorney holder of erstwhile director of corporate debtor. The appellant failed to establish sufficient cause for inordinate delay, offering vague and unsubstantiated explanations regarding unavailability of documents managed by director's father-in-law and health issues. The tribunal found the appellant's conduct casual and lacking diligence in pursuing defect rectification within prescribed seven-day period under Rule 26(2) of NCLAT Rules, 2016. Emphasizing that Corporate Insolvency Resolution Process under IBC is time-bound, the tribunal held such delay undermines expeditious resolution objectives and statutory timelines, warranting dismissal of condonation application.
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