https://www.taxtmi.com/caselaws?id=761225 NCLAT dismissed appeal regarding condonation of delay in filing CIRP petition under Section 7 of IBC. Tribunal held that Section 5 applies to applications under Sections 7 and 9, but applications filed over three years after default are barred under Article 137 of Limitation Act unless delay is condoned. Appellant's plea of bonafide belief that limitation period commenced from IBC's enforcement date was rejected. Court emphasized that despite liberal approach to condoning delay, mandatory provisions must be complied with and delay must be sufficiently explained, not condoned on equitable grounds alone. en-us Tue, 05 Nov 2024 00:00:00 +0530 Wed, 06 Nov 2024 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761225 NCLAT dismissed appeal regarding condonation of delay in filing CIRP petition under Section 7 of IBC. Tribunal held that Section 5 applies to applications under Sections 7 and 9, but applications filed over three years after default are barred under Article 137 of Limitation Act unless delay is condoned. Appellant's plea of bonafide belief that limitation period commenced from IBC's enforcement date was rejected. Court emphasized that despite liberal approach to condoning delay, mandatory provisions must be complied with and delay must be sufficiently explained, not condoned on equitable grounds alone. Case-Laws IBC Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761225