NCLAT Has No Jurisdiction To Condone Delay Exceeding 15 Days From Period Of 30 Days, Contemplated U/s 61(2) IBC: Supreme Court

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NCLAT Has No Jurisdiction To Condone Delay Exceeding 15 Days From Period Of 30 Days, Contemplated U/s 61(2) IBC

Case: National Spot Exchange Limited vs. Anil Kohli

Coram: Justices MR Shah and Aniruddha Bose

Case No: CA 6187 OF 2019

Court Observation: The appeal preferred before the NCLAT was under Section 61(2) of the IB Code. As per Section 61(2) of the IB Code, the appeal was required to be preferred within a period of thirty days. Therefore, the limitation period prescribed to prefer an appeal was 30 days. However, as per the proviso to Section 61(2) of the Code, the Appellate Tribunal may allow an appeal to be filed after the expiry of the said period of 30 days if it is satisfied that there was sufficient cause for not filing the appeal, but such period shall not exceed 15 days. Therefore, the Appellate Tribunal has no jurisdiction at all to condone the delay exceeding 15 days from the period of 30 days, as contemplated under Section 61(2) of the IB Code.

We are afraid what cannot be done directly considering the statutory provisions cannot be permitted to be done indirectly, while exercising the powers under Article 142 of the Constitution of India…Thus, considering the statutory provisions which provide that delay beyond 15 days in preferring the appeal is uncondonable, the same cannot be condoned even in exercise of powers under Article 142 of the Constitution.

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