Tata Steel Ltd. vs Raj Kumar Banerjee 2025 INSC 639 - NCLAT - S. 61 IBC - S.4 Limitation Act
Insolvency and Bankruptcy Code 2016- Section 61(2) -NCLAT has no power to condone delay beyond the period stipulated under the statute - Once the prescribed and condonable periods (i.e., 30 + 15 days) expire, the NCLAT has no jurisdiction to entertain appeals, regardless of the reason for the delay. (Para 11-12) The benefit of Section 4 of the Limitation Act and Rule 3 of the NCLAT Rules, 2016, extends the limitation period to the next working day, if the prescribed period expires on a holiday. (Para 10.1)
Limitation Act 1961- Section 4 - The benefit of exclusion of period during which the court is closed shall be available when the application is filed within “prescribed period of limitation” and shall not be available in respect of period extendable by court in exercise of its discretion. (Para 10.2)
Limitation - Time is of the essence in statutory appeals, and the prescribed limitation period must be strictly adhered to. Even a delay of a single day is fatal if the statute does not provide for its condonation. (Para 13)
