Section 5 – Insolvency and Bankruptcy Code, 2016 (31 of 2016), Section 7, 9 – Condonation of delay -- NCLT/NCLAT has the discretion to entertain an application/appeal after the prescribed period of limitation -- Condition precedent for exercise of such discretion is the existence of sufficient cause for not preferring the appeal and/or the application within the period prescribed by limitation -- Condition precedent for condonation of the delay in filing an application or appeal, is the existence of sufficient cause -- Whether the explanation furnished for the delay would constitute “sufficient cause” or not would be dependent upon facts of each case -- There cannot be any straitjacket formula for accepting or rejecting the explanation furnished by the Appellant/applicant for the delay in taking steps.

(SC) Decided on : 19.09.2022