Appeal allowed due to delay condonation, natural justice violation, improper impleading, and precedent support.

The appeal was allowed by the Appellate Tribunal, setting aside the impugned order due to the delay being condoned, violation of the Principle of Natural Justice, improper impleading of the appellant in the Company Petition, and comparison with a similar case before the Supreme Court where individuals heading other organizations were not to be implicated or have their assets attached under specific sections of the Act. The Tribunal referenced the Supreme Court's judgment in a similar case to support its decision in favor of the Appellant.

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Issues involved:
1. Delay in filing the appeal
2. Violation of Principle of Natural Justice
3. Impleading of the appellant as a respondent in the Company Petition
4. Comparison of the case with a similar case before the Honorable Supreme Court

Analysis:

1. Delay in filing the appeal:
The Appellant filed an appeal against the order dated 31.01.2019 passed by the National Company Law Tribunal. The Respondent argued that the appeal was time-barred, as it was filed after the statutory period of 90 days. However, the Appellant contended that the delay of 41 days was due to the examination of voluminous documents for the preparation of the appeal. The Appellate Tribunal, after considering the facts, condoned the delay and allowed the application, noting that the issue of delay cannot be raised again at this stage.

2. Violation of Principle of Natural Justice:
The Appellant contended that the impugned order was passed in violation of the Principle of Natural Justice as they were not served with an advance copy of the application and were not given an opportunity to be heard. It was argued that the Appellant was neither necessary nor a proper party for the adjudication of the Company Petition No. 277 of 2018.

3. Impleading of the appellant as a respondent in the Company Petition:
The impugned order impleaded the Appellant as a respondent in the Company Petition along with 18 others. The Appellant, who was the Executive Director of PNB at the relevant time, was challenged being included as a respondent. The Honorable Supreme Court in a similar case held that a person heading another organization cannot be roped in, and their assets cannot be attached under Sections 337 & 339 of the Act. The Appellate Tribunal set aside the impugned order based on the Supreme Court's judgment.

4. Comparison of the case with a similar case before the Honorable Supreme Court:
The Appellant's case was compared to a case before the Honorable Supreme Court involving Ms. Usha Ananthasubramanian, where the Supreme Court allowed the appeal stating that individuals heading other organizations cannot be implicated and their assets attached under certain sections of the Act. As the Appellant was in a similar position as Ms. Usha Ananthasubramanian, the Appellate Tribunal set aside the impugned order following the Supreme Court's judgment.

In conclusion, the appeal was allowed, and the impugned order was set aside with reference to the judgment of the Honorable Supreme Court.

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