2020 (5) TMI 425

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....rder dated January 13, 2020 passed by the Adjudicating Authority (National Company Law Tribunal) Principal Bench, New Delhi in C. A. No. 190 (PB) of 2020 in C. P. (IB) No. 160 (PB) of 2018. 2. Earlier, the Adjudicating Authority (National Company Law Tribunal) New Delhi, Principal Bench while passing the impugned order had observed and held as under : "Order C. A. No. 190 (PB) of 2020 This is an application filed by the corporate debtor for following reliefs : A. Forthwith stay all pending proceedings in C. A. No. 455 (PB) of 2018 filed in the above titled company petition C. P. No. (IB)-160 (PB) of 2018 till the adjudication of the present application and dismiss Company Petition (IB) No. 160 (PB) of 2018 in view of the law settle....

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....cation had omitted to consider and adjudicate as to whether the said C. P. (I. B.) No. 160 (PB) of 2018 was filed within the period of "limitation". 5. It is not in dispute that the appellant has assailed the correctness, viability and legality of the order dated June 13, 2018 of the Adjudicating Authority before this Appellate Tribunal in Company Appeal (AT) (Ins.) No. 410 of 2018 Ranjit Kapoor v. Asset Reconstruction Co. (India) Ltd. [2018] 4 Comp Cas-OL 455 (NCLAT). On October 30, 2018, the said "appeal" was dismissed by this Appellate Tribunal, inter alia, observing that till the corporate debtor alleges the same and raise an objection under section 65 of the I and B Code, 2016 before the Adjudicating Authority, the Appellate Tribunal ....

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....Rules, 2016, because of the reason that the petition was barred by law of limitation. 9. At this juncture, it is worthwhile to refer to the judgment dated October 30, 2018 in Company Appeal (AT) (Insolvency) No. 410 of 2018 Ranjit Kapoor v. Asset Reconstruction Co. (India) Ltd. [2018] 4 Comp Cas-OL 455 (NCLAT) whereby and whereunder at paragraphs 5 to 8 observed as under (page 457 of 4 Comp Cas-OL) : "We find that there are two assignment agreements, one dated July 21, 2014 and the other dated April 17, 2015 executed in favour of the respondent. For initiation of the corporate insolvency resolution process, the respondent-financial creditor relied on the assignment agreement dated April 17, 2015. The corporate debtor has not disputed the....

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....ore the National Company Law Appellate Tribunal : Provided that the National Company Law Appellate Tribunal may allow an appeal to be filed after the expiry of the said period of thirty days if it is satisfied that there was sufficient cause for not filing the appeal but such period shall not exceed fifteen days." 12. A mere glance of the ingredients of the section 61(1) and (2) of the I and B Code indicates that though any person aggrieved of an order of the Adjudicating Authority under this part may prefer an appeal to the National Company Law Appellate Tribunal, this Tribunal is of the earnest opinion that the present appeal preferred by the appellant is per se not maintainable in law because of the established fact that when once a c....