In Brief
The Supreme Court held that the National Company Law Appellate Tribunal (NCLAT) cannot condone delays beyond 15 days in filing insolvency appeals, regardless of circumstances. Tata Steel's resolution plan for Rohit Ferro-Tech was approved on 7 April 2022; the appellant (a minority shareholder) had 30 days to appeal, extendable by 15 days for good cause. He filed on 24 May 2022—47 days later. The NCLAT wrongly allowed the delay. The Court ruled that Section 4 of the Limitation Act (extending periods when courts are closed) applies only to the initial 30-day period, not the discretionary 15-day extension. The IBC's strict timelines prevent abuse and preserve procedural speed; the NCLAT lacks inherent jurisdiction to override statutory limits.
The lawyer headnote and full judgment text are available to registered users.