Supreme Court Refuses To Condone 166-Day Refiling Delay In IBC Appeal, Calls Explanation A 'Lame Excuse'

The Supreme Court has refused to entertain an appeal by Thrani Industries Ltd against insolvency proceedings initiated against it, holding that the company's explanation for a 166-day delay in refiling the case was nothing more than a "lame excuse".

A Bench of Justices Dipankar Datta and Satish Chandra Sharma dismissed the appeal after finding that Thrani Industries had failed to show any sufficient cause for the prolonged delay.

The company had attributed the delay to the non-availability of typed pages and the illness of its authorised representative.

“Absolutely no cause, not to speak of sufficient cause, has been shown for condonation of re-filing delay. It is only a lame excuse that is furnished by the appellant. Hence, the application seeking condonation of delay stands dismissed. Consequently, the appeal shall also stand dismissed,” the Court ruled

The appeal challenged a September 11, 2025 judgment of the National Company Law Appellate Tribunal (NCLAT), which had admitted the corporate insolvency resolution process (CIRP) against Thrani Industries on a plea filed by KNK Ship Management.

KNK, a marine consultant and vessel management company, claimed operational dues of about ₹2.25 crore for crew manning and management services provided in relation to two vessels, Istanbul and Istanbul 2.

The NCLAT had overturned an earlier order of the National Company Law Tribunal (NCLT), New Delhi, which had dismissed KNK's insolvency petition. It held that Thrani Industries' allegations of deficient services and customs-related issues did not amount to a genuine pre-existing dispute, noting that no notice, suit, or arbitration proceedings had been initiated regarding those claims before the statutory demand notice was issued.