Mobilox Innovations Pvt. Ltd. Vs. Kirusa Software Pvt. Ltd. [Supreme Court] Civil Appeal No. 9405 Of 2017
The Hon’ble Supreme Court held that one of the main objectives of enactment of the Insolvency and Bankruptcy Code 2016 was to finish the legal proceedings in a time bound manner. Hence holding this objective, the court held that if there is any delay in the filing of the appeal or filing of the application under the provisions of the code, then in that case the adjudicating authority shall not accept the application and reject the same.