https://www.taxtmi.com/caselaws?id=750938 The NCLAT allowed an appeal challenging dismissal of a restoration application. The appellant, who had acquired rights from Bank of Baroda through assignment, sought restoration of a company petition dismissed for non-prosecution. The NCLT had rejected the restoration application, ruling only the original applicant could file such applications under Rule 48 of NCLT Rules 2016. The NCLAT held that the appellant, having stepped into the original applicant's shoes through assignment, qualified as an "applicant" under Rule 2(4) and possessed locus to file restoration applications. The tribunal found no negligence by the appellant and set aside the impugned order, allowing the appeal. en-us Wed, 03 Apr 2024 00:00:00 +0530 Thu, 04 Apr 2024 04:52:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750938 The NCLAT allowed an appeal challenging dismissal of a restoration application. The appellant, who had acquired rights from Bank of Baroda through assignment, sought restoration of a company petition dismissed for non-prosecution. The NCLT had rejected the restoration application, ruling only the original applicant could file such applications under Rule 48 of NCLT Rules 2016. The NCLAT held that the appellant, having stepped into the original applicant's shoes through assignment, qualified as an "applicant" under Rule 2(4) and possessed locus to file restoration applications. The tribunal found no negligence by the appellant and set aside the impugned order, allowing the appeal. Case-Laws Insolvency and Bankruptcy Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750938