IBC proceedings are time bound; belated claim by creditor cannot be considered: NCLAT

A coram of Chairperson Ashok Bhushan and technical member Arun Baroka observed in an April 19 order that a person who sleeps over their rights should not be given the indulgence of condonation of delay.

The National Company Law Appellate Tribunal at New Delhi recently held that a belated claim by a creditor cannot be entertained by the Resolution Professional (RP) as the insolvency proceedings under the Insolvency Bankruptcy Code (IBC) are time bound. [Pooja Mehra v. Nilesh Sharma & Ors.]

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