Logistical and Financial Difficulties No Excuse for 172-Day Refiling Delay: NCLAT Delhi

Technio Business Solutions Pvt. Ltd Vs Anacare Management Pvt. Ltd (NCLAT Delhi) In a recent judgment, the National Company Law Appellate Tribunal (NCLAT) in Delhi dismissed an appeal filed by Technio Business Solutions Pvt. Ltd., upholding the strict procedural timelines of the Insolvency and Bankruptcy Code (IBC). The company, which was appealing an order related to an insolvency matter, had requested the condonation of a 172-day delay in refiling its appeal after it was returned by the registry with defects. The NCLAT, however, found the reasons provided by the appellant to be lacking in su...