Court Allows 1392-Day Delay in Insolvency Filing, Citing Discretion u/s 5 of Limitation Act.

Initiation of CIRP - validity of condonation of delay of 1392 days in filing Section 7 Application - In the facts and circumstances of the present case, the delay of less than two years’ period has been condoned by the Adjudicating Authority, exercising its discretion under Section 5 of the Limitation Act. It cannot be said that discretion exercised by Adjudicating Authority in condoning the delay is perverse or against any provisions of law or violates any principle of law for determining the ‘sufficient cause’ under Section 5 of the Limitation Act. - AT .....

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