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 under Sections 60(5), 63, 231 and 238 of the Insolvency and Bankruptcy Code, 2016. Allegations of deliberate breach of agreements to sell, fraudulent possession of share certificates and original documents, and mala fide obstruction of the CIRP were not found sufficient to warrant SC intervention under Section 62 IBC. The appellate court affirmed that the NCLT had correctly assumed and exercised jurisdiction. The appeal was dismissed.

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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.

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