2024 (5) TMI 897 - SCH - Insolvency and Bankruptcy

Appeal Withdrawn for Review on Insolvency Code's Section 7 Limitation; Future Challenge Possible if Review Fails.

The SC dismissed the appeal as withdrawn at the appellant's request, acknowledging the appellant's intention to file a review application concerning the ... Seeking permission to withdraw the present appeal - seeking review of impugned judgement - petition under Section 7 of the Insolvency and Bankruptcy Code of India, 2016 was barred by limitation - it was held by NCLAT that 'The Adjudicating Authority has rightly come to the conclusion that the Respondent No.1 has successfully proved the financial debt and default on part of the Corporate Debtor in admitting the Section 7 application and initiating the CIRP process' - HELD THAT:- The appeal is dismissed as withdrawn. Issues involved: Appeal withdrawal, review application on limitation under Section 7 of the Insolvency and Bankruptcy Code of India, 2016.The appellant sought permission to withdraw the appeal and indicated the intention to file a review application concerning the limitation under Section 7 of the Insolvency and Bankruptcy Code of India, 2016. The appellant's counsel mentioned that the issue of limitation was raised before the National Company Law Appellate Tribunal but remained unanswered.The Supreme Court dismissed the appeal as withdrawn based on the appellant's request. The Court noted the appellant's plan to file a review application limited to the ground of limitation under Section 7 of the Insolvency and Bankruptcy Code of India, 2016. The Court did not express any opinion on this matter.If the review application is dismissed, the appellant has the right to challenge the impugned order dated 02.04.2024 solely on the question of limitation. Any pending application(s) will be disposed of accordingly.