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NCLAT quashed the impugned order dated 21.10.2024 for violating principles of natural justice under Section 99(5) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional failed to provide the mandatory seven-day notice period to the appellant for furnishing information, instead providing only two days. The tribunal held that once discretion under Section 99(4) is exercised, compliance with the seven-day requirement becomes mandatory. A subsequent reminder letter cannot cure the initial procedural defect, and substantial compliance doctrine is inapplicable where statutory timelines are explicitly prescribed. The matter was remitted back to the Adjudicating Authority with directions to provide proper seven-day notice from receipt of certified copies. Appeal allowed by way of remand.
NCLAT quashed the impugned order dated 21.10.2024 for violating principles of natural justice under Section 99(5) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional failed to provide the mandatory seven-day notice period to the appellant for furnishing information, instead providing only two days. The tribunal held that once discretion under Section 99(4) is exercised, compliance with the seven-day requirement becomes mandatory. A subsequent reminder letter cannot cure the initial procedural defect, and substantial compliance doctrine is inapplicable where statutory timelines are explicitly prescribed. The matter was remitted back to the Adjudicating Authority with directions to provide proper seven-day notice from receipt of certified copies. Appeal allowed by way of remand.
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