The Virtue and Importance of Laylat-ul Qadr (The Night of Power)

"By the Scripture that maketh plain. Lo! We revealed it on a blessed night - Lo! We are ever warning -. Whereon every wise command is made clear. As a command from Our presence - Lo! We are ever sending -. A mercy from thy Lord. Lo! He, even He is the Hearer, the Knower”. (Surah ad-Dukhan, 1-6)
Allah (swt) revealed the Quran in its entirety on Laylat-ul Qadr; from al-Lawḥ al-Maḥfuẓ (the preserved tablet)(the tablet of destiny) to the heaven of earth. Then, Hadrat Gabriel brought down the verses by Allah's Permission, gradually in 23 years in proportion to events, needs and situations.

Laylat-ul Qadr brings the reward of an entire lifetime

“Verily! We have sent it (this Quran) down in the Night of Power. And what will make you know what the Night of Power is? The Night of Decree is better than a thousand months. Therein descend the angels and the Spirit [Gabriel] by Allah's Permission with all Decrees. (The night is) Peace until the rising of the dawn.” (Surah al Qadr, 1-5)

Hadrat Anas Bin Malik says: “It was the month of Ramadan. The Messenger of Allah (pbuh) said: “You have entered this holy month. There is such a night in this month that is better than a thousand years. The person who destitutes from this night’s benefaction and abundance is like destituting from all benefactions. The benefaction of this (night) is forbidden just for the one who destitutes from the happiness of eternity.” (Kutub-i Sittah)
On Laylat-ul Qadr (the night of power) the mercy and forgiveness doors are opened to the utmost. The prayers and repents are never rejected. 30.000 rewards are blessed for just one letter of Quran.

Laylat-ul Qadr is bestowed just for the ummah (community) of Prophet Muhammad

Allah (swt) bestowed Laylat-ul Qadr upon my ummah; He didn’t give any people before this.” (Daylami)
Hadrat Imam Malik heard a reliable scholar saying: “the Mesenger of Allah (pbuh) was shown the lifetimes of ummahs. He saw that lifetime of His ummah was shorter than the others. So He was concerned for his ummah not being able to do as much deeds as the previous ummahs who had longer lives. Thereupon, Allah (swt) bestowed Him Laylat-ul Qadr and made that night better than the other ummahs’ one thousand years. Thus, the short lifetime of the ummah gets longer by Laylat-ul Qadr. (Imam Malik, Muatta)

Laylat-ul Qadr is a night of forgiveness

“Whoever stays up (in prayer and remembrance of Allah) on the Night of Qadr fully believing (in Allah’s promise of reward for that night) and hoping to seek reward (from Allah alone and not from people), he shall be forgiven for his past sins.” (Bukhari, Muslim, Tirmidhi)

Laylat-ul Qadr is the night of tadyiq

“Therein descend the angels and the Spirit [Gabriel] by Allah's Permission with all Decrees.”

(Surah al-Qadr, 4)
Laylat-ul Qadr means “night of tadyiq” (compression, narrowing). Because, earth becomes narrow for the angels’ descending that night. (Elmali Tafsir)

Angels ask for people’s forgiveness on Laylat-ul Qadr

When it is Laylat-ul Qadr Gabriel (as) descends on earth amongst a group of angels. They greet and ask for forgiveness for every slave mentioning Allah (swt) both standing and sitting. (Imam-i Ghazali)

On the night and morning of Laylat-ul Qadr, devils can’t go out

“In the month of Ramadan, devils are fastened, doors of Jannah are opened and doors of hell are closed." (Bukhari, Muslim)