Limitation as a Statutory Bar NCLAT Declines to Dilute the Rigid Timeline under Section 42 of the IB

In a decisive ruling, the NCLAT Chennai examined whether delay in filing an appeal under Section 42 of the Insolvency and Bankruptcy Code, 2016 could be condoned by invoking Section 5 of the Limitation Act through Section 238A of the Code. 

The Tribunal categorically held that Section 42 prescribes a strict 14-day limitation period which is self-contained and does not permit extension.

Rejecting arguments based on pendency of related proceedings and alleged bona fides, the NCLAT upheld the dismissal of the appeal as time-barred, reinforcing the primacy of statutory timelines in insolvency proceedings.