https://www.taxtmi.com/caselaws?id=789005 Section 42 of the Insolvency and Bankruptcy Code was treated as mandatory, requiring strict compliance with liquidation timelines, so the appeal filed with a delay of 207 days was held time-barred. Internal approval formalities within a financial institution were found insufficient to constitute sufficient cause, and the absence of evidence explaining the inordinate delay defeated condonation. The plea that the provision was merely directory was rejected, and lack of prejudice to the opposite party was held irrelevant to the statutory test for condonation. The appeal was therefore rejected as barred by limitation. en-us Fri, 20 Feb 2026 00:00:00 +0530 Thu, 02 Apr 2026 08:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789005 Section 42 of the Insolvency and Bankruptcy Code was treated as mandatory, requiring strict compliance with liquidation timelines, so the appeal filed with a delay of 207 days was held time-barred. Internal approval formalities within a financial institution were found insufficient to constitute sufficient cause, and the absence of evidence explaining the inordinate delay defeated condonation. The plea that the provision was merely directory was rejected, and lack of prejudice to the opposite party was held irrelevant to the statutory test for condonation. The appeal was therefore rejected as barred by limitation. Case-Laws IBC Fri, 20 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789005