Appeal Dismissed: Late Filing, Time-Barred under Insolvency and Bankruptcy Code

The Appellate Tribunal dismissed the Delay Condonation Application and rejected the Memo of Appeal, ruling that the appeal was time-barred and filed beyond the period of limitation as per the provisions of the Insolvency and Bankruptcy Code.

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Issues Involved:
1. Appeal against order of National Company Law Tribunal related to payments made to related parties by Corporate Debtor.

Summary:
The Appellate Tribunal heard Company Appeal (AT) (Insolvency) No. 1224 of 2022 filed by two Appellants against an order passed by the National Company Law Tribunal, Kolkata Bench, allowing the Resolution Professional's application for payment of Rs. 72.45 crores by Respondent Nos. 1 & 2 on behalf of the Corporate Debtor. The Appellants sought to appeal this order under Section 61 of the Insolvency and Bankruptcy Code, 2016, citing delay due to COVID-19 restrictions hindering their ability to file within the time limit.

The Respondent argued that the appeal was filed after the limitation period and cited a Supreme Court judgment emphasizing the importance of timely appeals under the IBC. The Respondent contended that the Appellants were informed of the order promptly, and thus, the delay in filing the appeal cannot be condoned.

The Tribunal examined the provisions of Section 61 of the Code regarding appeals and appellate authority. It noted that the Appellants failed to file the appeal within the prescribed time frame, even after excluding the time taken to obtain a certified copy of the order. Referring to the Supreme Court judgment, the Tribunal emphasized the need for timely appeals in matters related to insolvency and upheld the dismissal of the Delay Condonation Application and rejection of the Memo of Appeal.

In conclusion, the Appellate Tribunal dismissed the Delay Condonation Application and rejected the Memo of Appeal, ruling that the appeal was time-barred and filed beyond the period of limitation as per the provisions of the Insolvency and Bankruptcy Code.

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