TaxTMI 
TaxTMI 
2021 (4) TMI 223
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.... This Order shall govern disposal of I.A. No. 596 of 2021 an Application for condonation of delay and I.A. No. 595 of 2021 an Application for adinterim stay. These applications are filed by Appellant under Rule 11 of NCLAT Rules, 2016. 2. Learned Senior Counsel for the Appellant submits that vide order dated 30.12.2020 NCLT, Kolkata Bench (In brief Tribunal) passed certain directions which are contrary to law. The Appellant was not party before the Tribunal. On 01.01.2021 the Appellant was served with the copy of the notice under Section 230 (5) of the Companies Act, 2013 (In brief 'the Act') with the intimation about the impugned order dated 30.12.2020. From the date of service of notice (01.01.2021) the Appeal is filed within 77 days (1....
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....Suo Motu Writ Petition (Civil) No. 03 of 2020 vide order dated 08.03.2021 extended the prescribed period of limitation and passed certain directions as per clause 2 of the direction in cases where limitation would have expired during the period between 15.03.2020 till 14.03.2021, notwithstanding the actual balance period of limitation remaining, all persons shall have limitation period of 90 days from 15.03.2021. In the event of actual balance period of limitation remaining, w.e.f. 15.03.2021, is greater than 90 days, that longer period shall apply. In this Appeal the prescribed period of limitation of 45 days expired on 15.02.2021 i.e. between 15.03.2020 to 14.03.2021. Thus the appellant has limitation period 90 days from 15.03.2021 till 1....
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....ded period of 45 days expired on 18.03.2020. The Appellant did not file the Appeal on or before 18.03.2020 but file it on 20.07.2020. Hon'ble Supreme Court taking into consideration Suo Motu Writ Petition (Civil) N0. 03 of 2020 order dated 23.03.2020 explained that "what was extended by the above order of this Court was only, the period of limitation and not the period upon which delay can be condoned in exercise of discretion conferred by the statute." Therefore, this Judgment is not helpful to the Respondent. 7. With the aforesaid, we are of the considered view that as per the order of Hon'ble Supreme Court in the case of Suo Motu Writ petition (Civil) No. 03 of 2020 the Appellant is entitled to get benefit of extended period of limitati....
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....has exceeded his jurisdiction while passing such an order and prevented the statutory body to act as regulatory authority. 12. It is further submitted that the Tribunal while exercising jurisdiction under Section 230 of the Act, r/w Rule 11 of NCLT Rules, 2013 is not empowered to pass an order, contrary to the master circular on prudential norms on income recognition, Asset classification and provisioning pertaining to advances issued on 01.07.2015 by RBI (Appellant). This Appellate Tribunal in the case of Union Bank of India Vs. Infrastructure Leasing and Financial Services Ltd. & Ors. CA (AT) 346 of 2018 passed ad-interim order restraining the bank from declaring the loan accounts of IL & FS Group Companies as Non-Performing Asset (NPA).....
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....irculation dated 06.08.2020 (Reference No. RBI/2020-2021/16 & DOR No. BP.BC/3/21.04.048/2020-2021) till January, 2021 or until further orders, whichever is earlier. 16. It is further submitted that class of creditors that are covered under the scheme are not regulated by the RBI. Further, these creditors cannot in any manner declared the accounts of the Company NPA. In such circumstances, no question arises of the RBI being prejudiced with the order dated 30.12.2020 nor any question arises of these creditors declaring the accounts of the Company as NPA. None of the master circulars of the RBI referred to in this Application is applicable to the transactions of the Company with the aforesaid creditors covered under the scheme proposed by th....