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NCLAT allows delay for certified copy but dismisses claim for 1270-day delay post-approval. The National Company Law Appellate Tribunal condoned the delay in filing Comp. App. (AT) (Ins.) Nos. 856 & 857/2023 based on the exclusion of time ...
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NCLAT allows delay for certified copy but dismisses claim for 1270-day delay post-approval.
The National Company Law Appellate Tribunal condoned the delay in filing Comp. App. (AT) (Ins.) Nos. 856 & 857/2023 based on the exclusion of time spent obtaining the Certified Copy of the Impugned Order. However, the Tribunal dismissed the Appeal against the Order in C.P. (IB) 271/PB/2017 due to a significant delay of 1270 days in filing the claim after the Resolution Plan was approved, citing the risk of derailing the Corporate Insolvency Resolution Process.
Issues involved: 1. Condonation of delay in filing Comp. App. (AT) (Ins.) Nos.856 & 857/2023. 2. Appeal against the Order dated 24.03.2023 in New IA/1596/2023 and New IA/1597/2023 filed in main C.P. (IB) 271/PB/2017.
Issue 1: Condonation of Delay The Appellant sought Condonation of Delay in filing Comp. App. (AT) (Ins.) Nos.856 & 857/2023 due to delay in obtaining the Certified Copy of the Impugned Order. The time taken in filing the Appeal was 30 days, excluding the period spent in obtaining the copy. The National Company Law Appellate Tribunal Rules, 2016, and Section 12(2) of the Limitation Act, 1963, allow for exclusion of time spent in obtaining the copy of the order appealed against. Referring to a Supreme Court case, the Tribunal decided to condone the delay based on the exclusion of the period spent in obtaining the Certified Copy.
Issue 2: Appeal against Order in C.P. (IB) 271/PB/2017 The Appeal was filed against the Order dated 24.03.2023 in C.P. (IB) 271/PB/2017. The Appellants had entered into MoUs with the Respondent, agreeing to loan payments and security arrangements. The Appellants filed a claim application before the Resolution Professional, which was declined, leading to a rejected Application for Condonation of Delay by the Adjudicating Authority. The Appellants claimed that due to medical issues and lack of awareness, their claim was delayed. The Respondent argued that the claim was not maintainable and filed with mala fide intentions. Despite the Appellants' arguments, the Tribunal noted the significant delay of 1270 days in filing the claim, after the Resolution Plan was approved by the Committee of Creditors. Citing a Supreme Court judgment, the Tribunal dismissed the Appeal, stating that reopening the issue would derail the Corporate Insolvency Resolution Process.
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