New Delhi: The National Company Law Appellate Tribunal (NCLAT) has reiterated that proceedings under the Insolvency and Bankruptcy Code are time-bound and an appeal against an order passed by the National Company Law Tribunal (NCLT) must be filed within 30 days of the order.
Rejecting an appeal by a suspended director of Vigneshwara Developers Pvt Ltd against revival of insolvency proceedings against the company, a two-member bench said NCLAT in some matters may allow an appeal to be filed after the expiry of the 30-day period but within the next 15 days, the condonable period, and not beyond that.
However, NCLAT must be “satisfied that there were sufficient grounds for not filing the appeal”, but such period “shall not exceed 15 days”,…