https://www.taxtmi.com/caselaws?id=750643 The NCLAT Chennai dismissed a review petition filed by a former liquidator seeking to recall an order passed without hearing him as an aggrieved party. The Tribunal held that review power is statutory, not inherent, and cannot be exercised absent specific statutory provision. The petitioner lacked standing as neither a necessary nor proper party to the proceedings. The Tribunal emphasized that review cannot be granted under the guise of clarification, and a review court cannot sit in appeal over its own order. The petition was deemed a fishing expedition without legal foundation, as the petitioner had no vested right to file the review application in his personal capacity. en-us Fri, 22 Mar 2024 00:00:00 +0530 Tue, 26 Mar 2024 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750643 The NCLAT Chennai dismissed a review petition filed by a former liquidator seeking to recall an order passed without hearing him as an aggrieved party. The Tribunal held that review power is statutory, not inherent, and cannot be exercised absent specific statutory provision. The petitioner lacked standing as neither a necessary nor proper party to the proceedings. The Tribunal emphasized that review cannot be granted under the guise of clarification, and a review court cannot sit in appeal over its own order. The petition was deemed a fishing expedition without legal foundation, as the petitioner had no vested right to file the review application in his personal capacity. Case-Laws Insolvency and Bankruptcy Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750643