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Introducing the “In Favour Of” filter in Case Laws.
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of CESTAT (Appellate Tribunal) addressed whether appeals continue post initiation of Corporate Insolvency Resolution Process (CIRP) and approval of Resolution plan u/s Insolvency and Bankruptcy Code, 2016. Referring to M/S. ALOK INDUSTRIES LTD. case, it was noted that Rule 22 applies upon NCLT appointing a successor interest with rights for continuation. Tribunal's powers are limited by statute; exceeding these renders orders invalid. CIRP initiation and Resolution plan approval result in appeal abatement u/s Rule 22 of CESTAT (Procedure) Rules, 1982. Appeals by both parties abated.
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