2025 (12) TMI 948 - SCH - IBC

Appeal Dismissed: Jurisdiction Under IBC Sections 60(5), 63, 231, 238 and 62 Properly Exercised and Upheld

SC upheld orders of NCLT, Delhi and NCLAT, Principal Bench, New Delhi, declining to interfere with the Adjudicating Authority's exercise of jurisdiction ... Possession of share certificates along with original document - Deliberate breach of the Agreements to Sell - fraudulent and illegal actions to undermine the Appellant’s rights - mala fide intent to undermine the lawful proceedings and to obstruct the orderly conduct of the CIRP - it was held by NCLAT that 'the Adjudicating Authority possesses the powers and jurisdiction to decide the said Applications in terms of Sections 60(5), 63, 231, and 238 of the Code.' HELD THAT:- There are no error having been committed by the National Company Law Tribunal, Delhi, and, in appeal, the National Company Law Appellate Tribunal, Principal Bench, New Delhi, warranting our interference in this appeal filed under Section 62 of the Insolvency and Bankruptcy Code, 2016. Appeal dismissed. The Supreme Court, exercising jurisdiction under Section 62 of the Insolvency and Bankruptcy Code, 2016, condoned the delay in filing the appeal but declined to interfere with the concurrent findings of the adjudicating and appellate insolvency authorities. After hearing counsel for the appellant and the respondent-Corporate Debtor, represented by its Resolution Professional, the Court held that it found 'no error having been committed by the National Company Law Tribunal, Delhi, and, in appeal, the National Company Law Appellate Tribunal, Principal Bench, New Delhi, warranting our interference.' The appeal was accordingly dismissed, and all pending applications in the matter were directed to stand disposed of.