Appellate Tribunal has no jurisdiction at all to condone the delay exceeding 15 days from the period of 30 days, as contemplated under Section 61(2) of The Insolvency and Bankruptcy Code, 2016. It cannot be said, Learned Appellate Tribunal committed any error in not condoning the delay of 44 days.
Unless the Parliament has carved out any exception by a provision of law, period of limitation has to be given effect to. Courts have no jurisdiction and/or authority to carve out any exception.
Bharat Sanchar Nigam Limited v. Mishri Lal, (2011) 14 SCC 739 observed, law prevails over equity if there is a conflict. It is observed further, equity can only supplement the law and not supplant it. Popat Bahiru Govardhane v. Special Land Acquisition Officer, (2013) 10 SCC 765 observed, law of limitation may harshly affect a particular party but it has to be applied with all its rigor when the statute so prescribes.
We are afraid what cannot be done directly considering the statutory provisions cannot be permitted to be done indirectly, while exercising powers under Article 142 of the Constitution.
– Hon’ble Justice M.R. Shah, National Spot Exchange Limited v. Dunar Foods Limited, Civil Appeal No. 6187 of 2019.