In Brief
The Supreme Court dismissed an appeal by National Spot Exchange Limited challenging the NCLAT's rejection of its creditor claim in Dunar Foods Limited's insolvency. The core issue was whether a 44-day delay in filing the appeal could be condoned under Article 142 of the Constitution. The Court held that Section 61(2) of the Insolvency and Bankruptcy Code (IBC), which permits condonation of delay only up to 15 days beyond the prescribed 30-day period, is mandatory and cannot be overridden—even under Article 142. The statute's express language ("but not thereafter") constitutes a legislative ceiling that courts cannot transgress. The IBC, as special legislation, takes precedence over the general Limitation Act. Importantly, the Court rejected reliance on equitable considerations and held that hardship alone cannot override Parliamentary mandate. The appeal was dismissed with no order as to costs.
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