NCLT Rejects CIRP Application Due to Applicant's Non-Appearance; Stresses Merit-Based Decisions for Restoration Applications.

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....Maintainability of application - initiation of CIRP - NCLT rejected the application for non-appearance - If there is inaction, want of Bonafide, which is imputable to the Applicant/Appellant, then the Restoration Application is not to be allowed by a Tribunal or by a Court of Law. Of course, the Tribunal is to decide the Restoration Application on merits. It must be remembered that time is precious and a wasted time will never come back again or revisit in the considered opinion of this Tribunal. - AT....