The Supreme Court dismissed a liquidator's Section 62 IBC appeal as time-barred, holding that the Code allows only 45 days plus a 15-day grace period to file, and that a defectively filed appeal must be cured within 28 days under the Supreme Court Rules — beyond which the right to appeal is extinguished and no delay can be condoned.
On 7 November 2024, the Supreme Court invoked Article 142 to order liquidation of Jet Airways after the Jalan-Kalrock resolution plan stalled for roughly five years.
The withdrawal mechanism under Section 12A of the Insolvency and Bankruptcy Code was Parliament's compromise between commercial pragmatism and statutory discipline — a structured route for settlement during CIRP. The NCLAT has, in a line of 2026 decisions including Gokul Aggarwal v. Bank of India, held that the route closes when liquidation commences. A digest of the doctrinal architecture, the line of cases, and what it means for the settlement-exit practice that had grown up around the section.