Appeal Dismissed: Lack of Standing in Application Dismissal

The Appellate Tribunal dismissed an appeal against the National Company Law Tribunal's decision to dismiss an application by Yes Bank Pvt. Ltd., leading to the end of an interim order. The Appellant, not being the applicant in the dismissed application, was found not aggrieved by its dismissal. As the Appellant was not a party to the application, the Tribunal concluded there was no basis to entertain the appeal and subsequently dismissed it.

---

---

Issues: Appeal against dismissal of Interim Order by National Company Law Tribunal.

The Appellate Tribunal heard an appeal against the Order dated 11th July, 2022, passed by the National Company Law Tribunal, New Delhi, Principal Bench, which dismissed an application filed by Yes Bank Pvt. Ltd. The dismissal of the application led to the end of the Interim Order dated 01.04.2022. The Appellant contended that the assets of the Corporate Debtor were the only property, and the vacation of the Interim Order would cause prejudice to them.

Upon considering the submissions, the Appellate Tribunal noted that the Interim Order was passed on an application filed by Yes Bank, which was dismissed by the Impugned Order. As the Appellant was not the applicant in the dismissed application, they could not be considered aggrieved by its dismissal. Since the Appellant was not a party to the said application, the Tribunal found no basis to entertain the Appeal at their instance and subsequently dismissed the Appeal.

---