https://www.taxtmi.com/highlights?id=86004 NCLAT addressed the computation of limitation periods for filing appeals under IBC. The tribunal held that while the 30-day limitation period under Section 61 can be extended when the last day falls on a tribunal holiday (per Rule 3 of NCLAT Rules), the 15-day condonable period under Section 61(2) cannot be similarly extended. In this case, the appeal filed on 17.09.2024 was beyond both the 30-day limitation period (ending 30.08.2024) and the 15-day condonable period. Despite the appellant's organizational approval requirements constituting reasonable cause for delay, the appeal was dismissed as it exceeded the maximum condonable period. The ruling clarifies that Rule 3 of NCLAT Rules and Section 4 of Limitation Act cannot extend the statutory 15-day condonation limit. en-us Tue, 25 Feb 2025 08:24:04 +0530 Tue, 25 Feb 2025 08:24:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=86004 NCLAT addressed the computation of limitation periods for filing appeals under IBC. The tribunal held that while the 30-day limitation period under Section 61 can be extended when the last day falls on a tribunal holiday (per Rule 3 of NCLAT Rules), the 15-day condonable period under Section 61(2) cannot be similarly extended. In this case, the appeal filed on 17.09.2024 was beyond both the 30-day limitation period (ending 30.08.2024) and the 15-day condonable period. Despite the appellant's organizational approval requirements constituting reasonable cause for delay, the appeal was dismissed as it exceeded the maximum condonable period. The ruling clarifies that Rule 3 of NCLAT Rules and Section 4 of Limitation Act cannot extend the statutory 15-day condonation limit. Highlights IBC Tue, 25 Feb 2025 08:24:04 +0530 https://www.taxtmi.com/highlights?id=86004