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The case involves an appeal before CESTAT regarding continuation post Corporate Insolvency Resolution Process (CIRP) under IBC, 2016. NCLT approved a Resolution Plan during the appeal. CESTAT Mumbai, citing Rule 22 of CESTAT Rules, held that appeal abates upon IRP appointment and Resolution Plan approval. It emphasized that Tribunal's powers are limited by statute and rules. The decision aligns with legal precedent that Tribunal must act within statutory bounds. Therefore, the appeal abates as per Rule 22, in accordance with prescribed relief.
The case involves an appeal before CESTAT regarding continuation post Corporate Insolvency Resolution Process (CIRP) under IBC, 2016. NCLT approved a Resolution Plan during the appeal. CESTAT Mumbai, citing Rule 22 of CESTAT Rules, held that appeal abates upon IRP appointment and Resolution Plan approval. It emphasized that Tribunal's powers are limited by statute and rules. The decision aligns with legal precedent that Tribunal must act within statutory bounds. Therefore, the appeal abates as per Rule 22, in accordance with prescribed relief.
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TaxTMI 
TaxTMI 
