https://www.taxtmi.com/caselaws?id=467180 Section 121(2) of the Insolvency and Bankruptcy Code is treated as directory, rather than mandatory, for bankruptcy applications against personal guarantors filed after the prescribed three-month period. The absence of an express statutory consequence or bar for non-compliance, read with Section 238A and the scope of inherent powers where not prohibited by statute, permits condonation of delay. Where an earlier order condoning delay was not challenged despite an opportunity to object, waiver and estoppel prevent a later limitation challenge. Consequently, condonation of delay and admission of the bankruptcy applications remain valid, and the limitation objections fail. en-us Thu, 06 Feb 2025 00:00:00 +0530 Tue, 10 Mar 2026 08:51:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467180 Section 121(2) of the Insolvency and Bankruptcy Code is treated as directory, rather than mandatory, for bankruptcy applications against personal guarantors filed after the prescribed three-month period. The absence of an express statutory consequence or bar for non-compliance, read with Section 238A and the scope of inherent powers where not prohibited by statute, permits condonation of delay. Where an earlier order condoning delay was not challenged despite an opportunity to object, waiver and estoppel prevent a later limitation challenge. Consequently, condonation of delay and admission of the bankruptcy applications remain valid, and the limitation objections fail. Case-Laws IBC Thu, 06 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467180