2021 (6) TMI 1073 - SC - Insolvency and Bankruptcy

Maintainability of appeal by NCLAT - Section 61(2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT - The National Company Law Appellate Tribunal was right in rejecting the appeal on the ground that it was filed beyond the condonable period of 15 days after the expiry of the period of limitation of 30 days prescribed therein. However, Mr. Vikas Singh, learned senior counsel for the appellant seeks liberty to move the National Company Law Tribunal by invoking Rule 11 of the National Company Law Tribunal Rules, 2016. The appellant shall have such liberty, if permissible in law. Appeal dismissed.

Summary

The Supreme Court upheld the National Company Law Appellate Tribunal's decision to reject an appeal filed beyond the condonable period under Section 61(2) of the Insolvency and Bankruptcy Code, 2016. The appellant was granted liberty to move the National Company Law Tribunal under Rule 11. The appeal was ultimately dismissed.