https://www.taxtmi.com/caselaws?id=794286 The three-month period for filing a bankruptcy application under Section 121(2) of the Insolvency and Bankruptcy Code is treated as directory, not as a rigid jurisdictional bar, because the provision does not prescribe an express consequence for delay or an outer limit. In the absence of an exclusion, Section 5 of the Limitation Act applies through Section 238A of the Code, so delay can be condoned on sufficient cause being shown. The article notes that refusal to condone delay was therefore unsustainable and the dismissal on limitation was set aside. en-us Tue, 30 Jun 2026 00:00:00 +0530 Fri, 03 Jul 2026 08:49:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794286 The three-month period for filing a bankruptcy application under Section 121(2) of the Insolvency and Bankruptcy Code is treated as directory, not as a rigid jurisdictional bar, because the provision does not prescribe an express consequence for delay or an outer limit. In the absence of an exclusion, Section 5 of the Limitation Act applies through Section 238A of the Code, so delay can be condoned on sufficient cause being shown. The article notes that refusal to condone delay was therefore unsustainable and the dismissal on limitation was set aside. Case-Laws IBC Tue, 30 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794286