#IB Code

NCLAT Chennai reaffirms that the 30+15 day limitation period under Section 61 of the Insolvency and Bankruptcy Code (IBC) is absolute. Filing writ petitions after expiry does not extend the deadline, and High Courts lack jurisdiction to condone delays in statutory appeals. This ruling reinforces strict adherence to statutory timelines, impacting personal guarantors and creditors in insolvency proceedings.

Bombay High Court clarifies that the moratorium under Section 96 of the Insolvency and Bankruptcy Code (IBC) protects only personal guarantors, not the principal borrower. Creditors retain the right to proceed against the borrower under the Contract Act, ensuring recovery actions remain unaffected by guarantors' insolvency.