https://www.taxtmi.com/caselaws?id=408984 The Tribunal dismissed the Operational Creditor's application under Section 5 of the Limitation Act, 1963, seeking to condone a delay of 48 days in filing the main application under Section 9 of the Insolvency and Bankruptcy Code, 2016. Despite citing legal precedents, the Applicant's explanation for the delay was deemed inconsistent and unsatisfactory. The Tribunal emphasized the need for a valid and justifiable explanation for each day of delay in insolvency proceedings, ultimately leading to the dismissal of the application and closure of the case IBA/103/2020. en-us Mon, 03 May 2021 00:00:00 +0530 Fri, 25 Jun 2021 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408984 The Tribunal dismissed the Operational Creditor's application under Section 5 of the Limitation Act, 1963, seeking to condone a delay of 48 days in filing the main application under Section 9 of the Insolvency and Bankruptcy Code, 2016. Despite citing legal precedents, the Applicant's explanation for the delay was deemed inconsistent and unsatisfactory. The Tribunal emphasized the need for a valid and justifiable explanation for each day of delay in insolvency proceedings, ultimately leading to the dismissal of the application and closure of the case IBA/103/2020. Case-Laws Insolvency and Bankruptcy Mon, 03 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408984