Supreme Court Rules on Strict 45-Day Limit for Appeals under IBC

The Supreme Court ruled that the National Company Law Appellate Tribunal (NCLAT) cannot accept appeals filed beyond 45 days under Section 61(2) of the Insolvency and Bankruptcy Code (IBC), 2016.

Citing the statutory limit and referring to the precedent in V. Nagarajan v. SKS Ispat & Power Ltd, the Court emphasized that the limitation begins from the pronouncement date of the NCLT’s order.

The appeal in question was delayed beyond both the initial 30 days and the 15-day condonable period. Applying Sections 61(2) IBC and Section 4 of the Limitation Act, the Court set aside NCLAT’s order.