S.198 IBC condones Board's regulatory delays, not appeal filing beyond S.61(2)'s 45-day limit.

J U D G M E N T

ASHOK BHUSHAN, J.

I.A. No.391 of 2026 has been filed by the Appellant – Insolvency and Bankruptcy Board of India (“IBBI”) in Company Appeal (AT) (Ins.) No.110 of 2026 praying for condonation of 103 days delay in filing the Appeal. Prayers made in the application are as follows:

“a. pass an order allowing the present Application and condoning the delay of 103 days in filing the accompanying Appeal against the order dated 13.08.2025 passed by the Hon'ble NCLT, Mumbai Bench in IA(IBC) (Plan) No. 53/2025 in C.P. (IB) No. 77/MB/2024 on behalf of the Appellant; and b. pass such other order as this Hon'ble Court may deem fit and proper in the interest of justice, equity and good conscience.”

2. Company Appeal (AT) (Ins.) No.110 of 2026 has been filed by the IBBI challenging the order dated 13.08.2025 passed by the National Company Law Tribunal, Mumbai, Court-IV in IA (IBC) (Plan) No.53 of 2025 in C.P. (IB) No.77/MB/2024 in the matter of Piramal Capital & Housing Finance Ltd. vs. Township Developers India Ltd. By the impugned order, the Adjudicating Authority has allowed IA (IBC) (Plan) No.53 of 2025 approving the Resolution Plan. This Appeal challenging the order dated 13.08.2025 has been filed on 24.12.2025. There being delay of 103 days in filing of the Appeal, IA No.391 of 2026 has been filed for condonation of delay. Respondent No.2 has also filed affidavit in reply to IA No.391 of 2026, pleading that delay is beyond the statutory limit of 45 days and cannot be condoned.

3. We have heard learned Counsel for the parties on application for condonation of delay in IA No.391 of 2026.

4. Section 61 sub-section (2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IBC”) provides for limitation for filing of an Appeal. Section 61 sub-section (2) is as follows:

“61(2) Every appeal under sub-section (1) shall be filed within thirty days before the National Company Law Appellate Tribunal:

Provided that the National Company Law Appellate Tribunal may allow an appeal to be filed after the expiry of the said period of thirty days if it is satisfied that there was sufficient cause for not filing the appeal but such period shall not exceed fifteen days.”

5. Learned Counsel for the Appellant in support of delay condonation application submits that by virtue of Section 198 of IBC in filing this Appeal, the delay in filing the Appeal needs to be condoned. He submits that although Section 198, it is the Adjudicating Authority, who has been empowered to condone the delay, but this Appellate Tribunal can very well exercise the jurisdiction of Adjudicating Authority and condone the delay. Learned Counsel for the Appellant submits that the IBBI is a regulator, which has been established and incorporated under the IBC. The Board has various powers and functions as enumerated under Section 196 of the IBC. The learned Counsel for the Appellant has specifically referred to Section 196 (f) and (g). It is further submitted by learned Counsel for the Appellant that there are various functions, which have been entrusted to the Board under the IBC, including Section 16, sub-section (4), Section 27 sub-section (4), Section 34 sub-section (6) and Section 82 sub-section (4). Learned Counsel for the Appellant further submitted that although the power under Section 198 is to be exercised by the Adjudicating Authority, which