New Delhi: The National Company Law Appellate Tribunal (NCLAT) has reiterated that proceedings under the Insolvency and Bankruptcy Code are time-bound and an appeal against an order passed by the National Company Law Tribunal (NCLT) must be filed within 30 days of the order.
Rejecting an appeal by a suspended director of Vigneshwara Developers Pvt Ltd against revival of insolvency proceedings against the company, a two-member bench said NCLAT in some matters may allow an appeal to be filed after the expiry of the 30-day period but within the next 15 days, the condonable period, and not beyond that.
