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Supreme Court Of India

Hon'ble Judge(s): Dhananjaya Y. Chandrachud, Vikram Nath, B. V. Nagarathna , JJJ

(A) Insolvency and Bankruptcy Code (31 of 2016) , S.61(1), S.61(2)— National Company Law Tribunal Rules (2016) , R.22— Limitation Act (36 of 1963) , S.12(2)— Proceedings under IBC - Limitation period - Litigant has to file its appeal within thirty days, can be extended up to period of fifteen days, and no more, upon showing sufficient cause - Sleight of interpretation of procedural rules cannot be used to defeat substantive objective of legislation that has impact on economic health of nation. Sections 61(1) and (2) of the IBC consciously omit the requirement of limitation being computed from when the "order is made available to the aggrieved party", in contradistinction to Section 421(3) of the Companies Act. Owing to the special nature of the IBC, the aggrieved party is expected to exercise due diligence and apply for a certified copy upon pronouncement of the order it seeks to assail, in consonance with the requirements of Rule 22(2) of the NCLAT Rules. Section 12(2) of the Limitation Act allows for an exclusion of the time requisite for obtaining a copy of the decree or order appealed against. It is not open to a person aggrieved by an order under the IBC to await the receipt of a free certified copy under Section 420(3) of the Companies Act 2013 read with Rule 50 of the NCLT and prevent limitation from running. Accepting such a construction will upset t....