The NCLAT, however, said that it did not have the power to condone a delay exceeding a period of 45 days, which was the maximum extension period provided under Section 61 of the IBC.
“Be that as it may, the ‘Appellate Tribunal’ has no ‘power’ to condone the ‘Delay’ after 30 + 15 = ‘45 Days’ and in the instant Comp App (AT) (CH) (Ins) No.448/2022 came to be filed on 55th day, which is beyond the ‘permissible limit’, provided under the ‘Insolvency & Bankruptcy Code, 2016’. This ‘Tribunal’, is not to extend its ‘Judicial arm of generosity,’ considering the fact that the ‘Insolvency & Bankruptcy Code, 2016’, is a self-contained and inbuilt one,” the order said.
The NCLAT went on to say that all procedural formalities enshrined under the IBC, including the time limit, must be followed in true letter and spirit for, “speed” was “of the essence” of the IBC, 2016.
The NCLAT also said that invoking Section 12 of the Limitation Act, 1963 that excludes from the limitation period, the time taken to acquire a copy of the judgement, will not yield any relief to the appellant in the present case since Section 238 of IBC provides that the Code had an “overriding effect” over provisions of the Limitation Act.
“Also an invocation of Section 12 of the ‘Limitation Act’, 1963, will be of no assistance to the ‘Petitioner’ / ‘Appellant’ because of the ‘overriding effect’ of the ‘ingredients of Section 238 of the ‘Insolvency & Bankruptcy Code, 2016′,” the NCLAT held.
Source: Barandbench
