In Brief
The Supreme Court dismissed appeals challenging the NCLAT's dismissal of an application for condonation of delay in filing an appeal against a winding-up petition dismissal. The appellants failed to file their appeal to the NCLAT within the 45-day period from receiving the NCLT order, plus an additional 45-day discretionary condonable period. They relied on the Court's 23.03.2020 COVID-19 extension order, but the Court held that this extension applied only to the 'prescribed period of limitation,' not to the discretionary condonable period. The ratio is that 'prescribed period' denotes only the statutory limitation period, not discretionary extensions thereof.
The lawyer headnote and full judgment text are available to registered users.