2020 (2) TMI 1346 - AT - Insolvency and Bankruptcy

Rejection of claim of Appellant by the Liquidator - rejection on the ground that no specific application seeking condonation of delay was filed beyond the prescribed period of 14 days - HELD THAT - Appellant submits that there was a confusion about communication of the impugned order and that manifested in filing of appeal after delay of 7 days beyond the prescribed period. However, that cannot be a ground for seeking condonation as the liquidation process is a time bound process and the Liquidator has to conclude his proceedings within one year as prescribed under Insolvency and Bankruptcy Code, 2016. Appeal dismissed.

Summary

The National Company Law Appellate Tribunal in New Delhi dismissed an appeal due to a delay of 7 days beyond the prescribed period of 14 days for filing. The Tribunal stated that confusion about communication of the order cannot be a ground for seeking condonation as the liquidation process is time-bound. The appeal was dismissed for lack of sufficient cause and cogent reason.