https://www.taxtmi.com/caselaws?id=769896 NCLAT dismissed appellant's application seeking admission of belated claim in IL&FS insolvency process. Appellant failed to file claim within extended deadline of 18.08.2022, eventually filing on 05.06.2023 through debenture trustee. Tribunal found appellant lacked due diligence and provided no justifiable reason for delay. Court held allowing belated claims would open floodgates for similar applications, prejudice timely creditors, and jeopardize ongoing resolution process where interim distribution had already commenced. Appeal dismissed for failure to meet prescribed timelines without genuine grounds. en-us Thu, 01 May 2025 00:00:00 +0530 Sat, 03 May 2025 08:34:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769896 NCLAT dismissed appellant's application seeking admission of belated claim in IL&FS insolvency process. Appellant failed to file claim within extended deadline of 18.08.2022, eventually filing on 05.06.2023 through debenture trustee. Tribunal found appellant lacked due diligence and provided no justifiable reason for delay. Court held allowing belated claims would open floodgates for similar applications, prejudice timely creditors, and jeopardize ongoing resolution process where interim distribution had already commenced. Appeal dismissed for failure to meet prescribed timelines without genuine grounds. Case-Laws Companies Law Thu, 01 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769896