SC Criticizes NCLAT’s Hyper-Technical Approach, Lengthy Orders & Allows Delay Condonation

Power Infrastructure India Vs Power Finance Corporation Ltd (Supreme Court of India) This Supreme Court judgment addresses a dispute between Power Infrastructure India and Power Finance Corporation Ltd. concerning the condonation of delay in filing an appeal under Section 61 of the Insolvency and Bankruptcy Code (IBC). The core issue revolved around the National Company Law Appellate Tribunal’s (NCLAT) rejection of Power Infrastructure’s application for delay condonation. Section 61(2) of the IBC sets a 30-day limitation for appeals, with a provision for an additional 15 days if su...