2023 (3) TMI 1278

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....er : Justice Rakesh Kumar Jain: This appeal is filed by an ex-director of the Corporate Debtor against the order dated 20.09.2022, passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court - III) by which an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short 'Code') Read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 (in short 'Rules') bearing IB-306/ND/2022 filed by the Financial Creditor (M/s Paramveer Distributors Pvt. Ltd.) against the M/s Pushpa Builders Ltd. (Corporate Debtor) has been admitted. 2. The Appellant has filed this appeal alongwith an application bearing I.A. No. 4282 of 2022 invoking Rule 11 of the NCLAT....

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....delay is not maintainable. In support of his submissions, he has relied upon two judgments of the Hon'ble Supreme Court in the case of V. Nagarajan Vs. SKS Ispat and Power Limited (2022) 2 SCC 244 and National Spot Exchange Limited Vs. Mr. Anil Kohli, RP for Dunar Foods Limited, Civil Appeal No. 6187 of 2019 decided on 14.09.2021. 5. We have heard Counsel for the parties and examined the records with their able assistance. 6. Section 61 of the Code provides for appeals and appellate authority. It would be relevant to refer to the Section 61(1), (2) and its proviso which read as under : - "61. (1) Notwithstanding anything to the contrary contained under the Companies Act 2013, any person aggrieved by the order of the Adjudicat....

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....o the NCLAT against an order passed under the IBC - must be based on a harmonious interpretation of the applicable legal regime, given that the IBC is a Code in itself and has overriding effect. Sections 61(1) and (2) of the IBC consciously omit the requirement of limitation being computed from when the "order is made available to the aggrieved party", in contradistinction to Section 421(3) of the Companies Act. Owing to the special nature of the IBC, the aggrieved party is expected to exercise due diligence and apply for a certified copy upon pronouncement of the order it seeks to assail, in consonance with the requirements of Rule 22(2) of the NCLAT Rules. Section 12(2) of the Limitation Act allows for an exclusion of the time requisite f....